"Wave 3 in progress" by trader user100000 — published December 04, 2014

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Bitcoin / U.S. Dollar (BITSTAMP:BTCUSD)

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Bitcoin (Cryptocurrency)

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bitcoin

WXY correction is over

I'm interested in your charts, but I kind of disagree with this one. Most of the indicators point bearish. Does your wave count leave room for the possibility of more down?

MoonTrader

i don't use indicators. there is no room for more down in my interpretation. my confidence rating is 10/10 for my labels. thanks for viewing

So we hit the 360 it required to complete? I remember you felt it had been too shallow before?
So the flash crash with big red volume bar today completed it for us?
In your Elliot based view this requires some upward from this low?

johnrfraser

i wrongly believed wave 2 wave over. it was never over. it is now

user100000

also i thought wave x was a legitimate impulsive wave when in reality is a 3 wave structure when viewed on larger time frame eg 2H

user100000

Thanks a lot for your reply. You couldn't draw another of the blue Elliott lines on to clarify, like your 'you are here' diagram the other day?

johnrfraser

sure, i will do so on the next update. thanks for viewing

user100000

So we will go more down if it s 2 in progress

vortexspaces

i believe wave 2 is over