Traders,
ELLIOTT WAVE COUNT:
A L/T look at $XAG suggest a protracted bearish correction in the shape of an Elliott Wave Leading Diagonal, based on:
1 - A deep correction from a 49.780 high reached on April 25th, 2011.
and
2 - Internal alternations of 5-3-5-3-5 waves, identifying the overall pattern as an EW's Leading Diagonal.
PREDICTIVE/FORECASTING...
Thoughts about this? Ever since June, Bitcoin have been in an almost perfect sync with Gold's movement.
I don't see such a relationship for the past 3 years of Bitcoin's history, could it be due to the strong Dollar or Bitcoin is currently being controlled by the same algorithms of some institutions?
To me this looks like BTC was leading the recent breakout; Gold and Silver following roughly a day later. Have to check if this happened in the past, but this could make BTC a 'market maker' of some sort, or at least an indicator - since arguably BTC traders might be more flexible and quicker to adapt.
Traders,
A quick target-hit announcement: Target defined last April 15th was hit - See analysis here:
System continues to see further downside. Floor is not open to 18.185 ... And below as well.
Cheers,
David Alcindor
Predictive Analysis & Forecasting
TradingView.com
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