Chainlink--Flash Crash Don't Make TA Trash
An update to my previous post in part to answer those who maintain that a flash (1 minute) crash on 16 Aug indicates crypto manipulation, thereby invalidates technical analysis.
I have updated the chart with labels to indicate the likely Elliott wave count for the wave starting on 16 March and ending on 16 August. If we assume that the entire wave is of primary degree, then the other lesser waves are as shown. The labeling shown is quite obvious and violates no EW rules. Now note where the flash crash occurs: on 17 Aug @ 20:00. It happens after an initial fall on 16 Aug @ 8:00, which was then followed by a correction back up and ending just before the flash crash. Following the flash crash there is a retrace and a second crash to just slightly lower than the first. The whole structure is a near textbook example of a zigzag pattern and occurs at just the exact right point and time to complete a near perfect primary wave up. Amazing isn't it how this "manipulation" occurred at just the exact right moment in our EW pattern?
Further, that wasn't the only flash crash in the primary wave; it was only the most severe. There is another on 2 Aug @ 04:00 and a third on 7 Aug @ 16:00. These also just happen, (by accident of course!) to occur at just the exact right moment to complete their respective waves and without violating any EW rules.
So where is the manipulation?
I have updated the chart with labels to indicate the likely Elliott wave count for the wave starting on 16 March and ending on 16 August. If we assume that the entire wave is of primary degree, then the other lesser waves are as shown. The labeling shown is quite obvious and violates no EW rules. Now note where the flash crash occurs: on 17 Aug @ 20:00. It happens after an initial fall on 16 Aug @ 8:00, which was then followed by a correction back up and ending just before the flash crash. Following the flash crash there is a retrace and a second crash to just slightly lower than the first. The whole structure is a near textbook example of a zigzag pattern and occurs at just the exact right point and time to complete a near perfect primary wave up. Amazing isn't it how this "manipulation" occurred at just the exact right moment in our EW pattern?
Further, that wasn't the only flash crash in the primary wave; it was only the most severe. There is another on 2 Aug @ 04:00 and a third on 7 Aug @ 16:00. These also just happen, (by accident of course!) to occur at just the exact right moment to complete their respective waves and without violating any EW rules.
So where is the manipulation?
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