UPDATE BTC/USD Huge bullish descending triangle almost complete

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
EDIT 1: A user on bitcointalk forum posted an idea that triggered my thoughts, and i must admit he might be right. He suggested that there might be a false break of the descending triangle , putting us for a a short moment sub 240. The same user suggested a quick dip sub 200 is even possible, though i dont see that happening easily

EDIT 2: Big chances we haven't seen bottom yet, we will revisit the lows and probably break them (for a short time). This should be the last and final leg down.

As stated in previous charts, we were expecting a rapid fall with target +/- 250. At the moment of writing bitstamp has been down to 255, hovering now at the 268 mark. I still believe we might see one last panic selloff, which would bring us to the previously announced target of 250.

Hitting this target will signify 2 things;

1) Finishing off minor wave 5 ( Elliot wave analysis) which should be followed by some nice ABC correction
2) Touching down on the long term descending bullish triangle which has been forming since the 1170 top.

I believe we are very near the end of this long bear market (which was a huge possibility to short like there is no tomorrow) and we will soon enter the final and biggest bull market, historical wave (V).

For now I would suggest to go long, with no looking back... (EDIT: if you go long, keep in mind there is a chance we might revisit the lows before beginning the big bullrun) Longs getting squeezed, shorts going through the roof... This is just another sign we are very close to bottom.
What is your target price for completion of wave V?
moker-X Justlite
as stated in the description above, 250 maybe a bit lower.
Sorry I meant after completion of wave V what is the price target at the top?
moker-X Justlite
very difficult to say because we are still a couple of months away from new ATH. But if I had to place a bet, I would say anywhere between 1800 and 3200... It will be epic fireworks thats for sure.
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