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March 14th - According to the State Council Food Safety Office, in 2025, the national pass rate for random inspections of major food products such as rice, flour, oil, meat, eggs, and dairy products reached 99.37%, remaining stable above 99% for four consecutive years, indicating a continuous improvement in the overall level of food safety. Nationwide, food production and operation enterprises have 1.155 million food safety directors and 9.492 million food safety officers, with 100% coverage of large-scale food enterprises, achieving accountability and precise risk control. The State Council Food Safety Office continues to promote the construction of "Internet + Transparent Kitchens" in schools. Currently, the coverage rate of "Internet + Transparent Kitchens" in self-operated canteens of primary and secondary schools nationwide has reached 99%, and the coverage rate of off-campus catering units has reached 100%, effectively improving the efficiency of campus food safety governance.According to the Islamic Republic News Agency (IRNA), a senior Iranian provincial official said that despite the attack, oil exports from Irans Kharg Island are proceeding normally.March 14th - The General Office of the CPC Central Committee and the General Office of the State Council issued an opinion on promoting the development of a professional social work workforce. The main objectives are: after approximately five years, the structure and distribution of the professional social work workforce will be more rational, its professionalization and specialization levels will be significantly improved, the total number of high-level talents will be significantly increased, and the scale of professional social work positions will steadily expand.On March 14, two liquefied petroleum gas (LPG) carriers flying the Indian flag and belonging to an Indian shipping company successfully transited the Strait of Hormuz and are currently en route to India, expected to arrive at their respective Indian ports within a few days. Sources stated that the transit was conducted "very cautiously." Currently, more than 20 Indian-flagged merchant ships are anchored in the Strait of Hormuz.Greek tanker management company Marantankers: The Greek-flagged tanker Maran Homer was struck by an unidentified object outside the Cpp terminal in Novorossiysk, sustaining minor damage and no injuries.

Deep Dive into Bitcoin’s Elliott Wave Count

Jimmy Khan

Mar 02, 2023 15:35

微信截图_20230302114650.png

Additional Fifth Wave?

We discovered using the Elliott Wave Principle (EWP) for Bitcoin (BTC) two weeks ago that resistance is currently at $25.5K, in contrast to the more normal connection between the 5th wave and the first and third waves, which is frequently 0.618x the entire W-i+iii rise. 

Therefore, we can accept higher values and the achievement of our $27-28K goal zone as long as Bitcoin can maintain a price above $22.5K.


Bitcoin peaked at $25.3K the day after, exactly at the resistance, and fell to $22.8K over the weekend. Is the optimal goal of $27–28K still attainable—keep in mind that markets do not have to be perfect—then? Bitcoin is no exception to the trend of prolonged 5th waves in cryptocurrencies. In this scenario, as shown in Figure 1 below, the weekend drop represented a 62% retracement of the February rise.


As a result, we can set up in a beautiful green W-1, 2. We can allow for this configuration as long as the lows reached this weekend hold (thus, these lows can be used as a stop loss). To be confirmed, this option will need to break out above the February highs ($25,333) without falling below them. Then, we can anticipate a recovery that will, ideally, reach $31K+/-500.


The Bears are given a strong caution if Bitcoin descends below this weekend's low, which could lead to a drop to the red W-iv low. Below that, the possibility depicted in Figure 2 below becomes more probable.