71% retrace (ish)

BITFINEX:BTCUSD   Bitcoin / Dollar
85 2 2
I believe we have seen a (nearly) 71% retrace so thought I would post the thinking behind it and gauge reaction.
The major blue wave started out from the January low and completed stages 1 & 2. So we are in wave 3 of the bigger blue impulse.
So the green cycle makes up wave 3 of the big blue one.
The smaller deep red cycle completed the first wave of the green cycle.
It is this wave that I believe we are retracing from, hence my 71% of the fib starting at the base of its rally and ending at $303.
We've retraced and now make our way up the 3rd wave of the green cycle.
I gather this should be this will be 3rd wave of the larger blue cycle as well as 3rd wave of the intermediate we should see some action which I hope will see us past $300.

My larger wave targets are based more on S&R zones than any proper EW proportions.
(apologies to EW aficionados for my numbering...I just don't like loads of brackets)

Other things. MFI shows a bullish looking bounce and I wait to see if macd bounces off the diagonal line.
RSI showing some nice tops and there seems room for a good run up before the next peak.

Of course, this will be invalidated by a break down. Anything under $245 I guess. I will short below $260.

Interested to know if you agree/disagree.
I sorta agree, same thing that happend mid-august of 2013
johnrfraser HenrikLolsor
Interesting, so that was just before it kicked off. I will have a look back. Thanks a lot.
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out