expanding leading diagonal

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
today primary wave 4 was invalidated as a normal impulse wave as the market moves into primary wave 1 terriroty. the pattern looks like a large expanding leading diagonal that is the only pattern which makes sense to me, typically wave 5 ends just before touching the 1-3 trendline
When does this idea get invalidated?
user100000 MoonTrader
market has to move below 45 for invalidation of this idea
Are you holding to this considering the pummeling we're getting today? We may even hit final support at 124 within the next day or two.
user100000 rivet.popper
yes holding to 3K and will watch it carefully at that level. it is obvious it is an expanding diagonal. there is no other explanation. you will get a huge rally out of nowhere. it will be shocking
+1 Reply
oaksacorn user100000
This so called 4 wave is too far into 1. I think we had a 1 wave ending on high of 16.41 on 8/17/12; 3 wave ending at 179 on 4/11/13; 5 wave ending at 1163 on 11/30/14 and is the cycle 1 wave high. This diagonal from the highs is a larger 2 wave. We are now about to embark on the larger cycle 3 wave with a 5 wave structure inside it. Your original call of 99k was correct - the high of the cycle 3 wave. This being the case, 3K is chump change. Let me know your thoughts. Thanks.
+1 Reply
user100000 oaksacorn
if you look at the macd it is at its highest level near the ATH which usually indicates wave 3. that's why im expecting wave 5 to 3K. i hope you're right but it feels too similar to silver monthly chart (also an expanding diagonal)
HenrikLolsor user100000
What's your opinion on the inflation? Do you think it even can reach those high prices when there's 3600 bitcoin generated daily?
MoonTrader HenrikLolsor
3600 BTC generated daily? Where did you hear that?
HenrikLolsor MoonTrader
yes, 3600 BTC are being mined by miners every day. You didn't know that???
MoonTrader MoonTrader
I keep hearing 7200/day, which is twice as much as you're saying.
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