ethil
Short

Elliott wave count on BTCUSD

QUANDL:BCHAIN/MKPRU   BCHAIN/MKPRU
95 9 1
Hi, in the past months I have became more and more fascinated by the wave principle, although I didn't publish anything.
This count in based on the idea that january low wasn't the end on the corrective wave following late 2013 top.
The main reason for that is my view on the 166,45 -> 315 rally: it happened in an abc type of move!
On BitFinex that abc was a perfect one...
(a) 166.45->230.74 = +38.62%
(c) 294->315 = +62.37%
(c) = (a) * 1.615... almost 1.618 (phi)!

This would mean that the final bottom is this far away.
I'll post in comments my recent wave count.
Update regarding how this last big downward 12345 could behave.
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ethil ethil
On a smaller timeframe...

Count invalidation above the pink line.
I switched from bfx to stamp following the margin call crash to $162!
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ethil ethil
I know price action 19-23 august looks like an abcde.. I'm not really sure about it.
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good job
Quite agree
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ethil ucdos1988
Thank you!
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Good job!
Great man!
I will continue to pay close attention to!
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- from january low
- last month of price action
- last weeks
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ethil ethil
Reply
ethil ethil
Oh well, I called the top prematurely.. But I didn't expect an expanding triangle! :(
A signal to open a short position would be breaking what now appears as support, $286.
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