Building up on Elliott Wave Techmology study, this is the candle pattern from MtGox collapse pointing new lows.
Although a W.4 is expected to normally retrace 0.5 and move sideways, W.2 retraced for more than one year and the start of W.1 isn't determinable to secure that 0.786 retrace. In this case by following Elliott rules, W.4 should be a sharp wave, retracing 0.618+ respecting as a rule, in the final analysis, only W.1-top, MtGoxTimeHigh.
Also institutional traders looking to join the market for the first time would not loose the opportunity to shakeout the not-so-new money out of market. It is imperative for a institutional campaign to get price levels on September Trade Zone, prior to global media publicity, so they will Accumulate much much more.
Although a W.4 is expected to normally retrace 0.5 and move sideways, W.2 retraced for more than one year and the start of W.1 isn't determinable to secure that 0.786 retrace. In this case by following Elliott rules, W.4 should be a sharp wave, retracing 0.618+ respecting as a rule, in the final analysis, only W.1-top, MtGoxTimeHigh.
Also institutional traders looking to join the market for the first time would not loose the opportunity to shakeout the not-so-new money out of market. It is imperative for a institutional campaign to get price levels on September Trade Zone, prior to global media publicity, so they will Accumulate much much more.
Comment:
It faked a breakout of MtGox lows, but didn't closed a trade below 6830 PoC.
The return and shorts ATH meaned a good point to Long. Nevertheless it gone straight to MtGox highs as can be seen on main chart pressing > (play).
It faked a breakout of MtGox lows, but didn't closed a trade below 6830 PoC.
The return and shorts ATH meaned a good point to Long. Nevertheless it gone straight to MtGox highs as can be seen on main chart pressing > (play).
This yellow line is MtGox lows on the "same" pattern, to speak, before the correction part 2.