Short

# Patterns, Elliott Waves, & Indicators

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
230 7
Downward channels break upward, upward channels break downward. Reverse wedges break downward as well. I'm not very sure where the IV and V will be yet, also I think I messed up on those waves, then again, maybe not.
This is very difficult to read, and your counts break about every Elliot Wave rule. (1) Wave-2 never retraces more than 100% of wave-1 (2) Wave-3 is never the shortest wave (3) Wave-4 never enters the price territory of wave-1. You broke 1 in your green count, and you broke 3 for in your yellow count..
RyNinDaCleM
Take a look at this write-up I did on Elliot Wave Theory and Fibonacci https://community.bitfinex.com/showthread.php/45-Elliot-waves-to-Fibonacci
RyNinDaCleM
I'm still getting the hang of Elliott waves, and often forget things. Is this better?
Abandon
Corrections are difficult to count! Everyone has troubles at first. An ABC is either 5-3-5 or a 3-3-5 meaning 5 waves for 'A', 3 waves for 'B' , 5 waves for 'C' (Zigzag). Or 3 for A, 3 for B, 5 for C (flat). This is my count; http://www.sierrachart.com/image.php?l=1373173796243.png. The box is an unknown area right now. IV could be finished (Red letters) in which case the box area would be the start of V down. But, I also have an option of a sideways double zig-zag (purple WXY) in which case the boxed area would be part of the correction
RyNinDaCleM
Fixed again:

I'm not so sure the last set of waves is correct, because wave 4 passes wave 1.
RyNinDaCleM
Updated for the 3rd time:

I think this is the correct one.
Abandon
That's closer! :) In my image, where there is 'A' or 'W', that is where the 'c' would be of a lesser degree abc. Same thing with a '1' or 'I' is where 'v' would be. I hope this helps
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