Wave C usually is *at least* 61% of wave A, which would take us to my target at 343. However, that is not a rule, just a guideline. We already hit a Fibonacci number last night (38% at 527) so would could go up from there, however, when I look at the waves in the C wave itself, it looks like it has more to go. Keeping a close eye on it, because when a C wave is LESS then 61%, that means it will be followed by a significant push to the upside!
Comments
Anima87
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Wow. this is almost spot on at the moment :)
Nathanael
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well, it matches the arrow I drew, that does not mean much, but it did hit and bounce off the 0.382 Fib around 530. If it doesn't break through that, then that 530 may be bottom. Any one of those fibs are a bottom, and the higher the fib (such as the 0.382) then the harder and faster the next bull run will be. I Just closed my short here, we may go up
Anima87
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I really don't understand those fib numbers, they seem arbitrary to me.. but BTC has surely bounced off it two times this week.. However, it seems like we are going further down. Hyobi shows that it hit below 3500 a couple of hrs ago.. This monday, hyobi hit 3500 during the gox panic. I sense alot of "uneasyness"
ostaphedge
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Also we are under good resistance of ma(100) = 740$ and descending channel = 780$ Good Luck to break it with 1st attempt
phrak
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Ron, I don't really understand how EW's can be applied to news-driven market sentiments.
If MtGox did not have withdrawal issues, and if they not released such a bullshit statement, I highly doubt that we'd be seeing anything like the dump that we've seen in the last 24hrs.
My estimation is that we would have continued with the slightly downward trend for another ~30 days, bottoming out around 450.
It's also entirely possible that we're seeing a faster crash/recovery cycle than in the past. This latest Gox crash *may* be the last dip needed to clear-out the post-bubble/Chinese New Year negative sentiment.