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# Patterns, Elliott Waves, & Indicators

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
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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..
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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
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RyNinDaCleM
I'm still getting the hang of Elliott waves, and often forget things. Is this better?
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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
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RyNinDaCleM
Fixed again:

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

I think this is the correct one.
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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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