looking forward... primary wave 5 / cycle wave III target

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
the channel lines tilted few degrees down because of the recent drop so the primary wave 5 target to be conservative also dropped a bit. but could easily spike to 7K or 8K. 5256 is the minimum where wave I=wave III             so once the market climb above 5.2K one should be alert if you are a short term trader and try to hedge your position
Im thinking when we get around 300 level well dump like the previous Nov 12 2014 pump and dump, possibly testing the current bottom or hitting around 100-130. Thanks for your wave counting, like to learn from your charts.
We nailed it!!
+1 Reply
I'm no Elliotician, but that certainly doesn't look like a wave 1 and 2 (I-II).
The rest, not likely in my humble opinion.
+1 Reply
user100000 IvanLabrie
wave II was a crash similar to 1987 stock market crash. it deserves a cycle degree wave. anyway it's no longer a standard impulse wave but a more "crazy" expanding diagonal similar to silver
IvanLabrie PRO user100000
How would you trade this?
Lanmar PRO IvanLabrie
You don't trade this. Potentially a buy at $130 .. I prefer $100.
user100000 IvanLabrie
you buy at any level and wait for 3K
+1 Reply
NickCoulby IvanLabrie
Straight silly looking from an EW standpoint..
Lanmar PRO NickCoulby
Analysis does not conform to elliot wave principles as user1000 describes. Silly is an understatement.
it is an expanding diagonal now. 1 & 4 overlap. target is revised to ~28,000 USD.

1000+ was considered silly when bitcoin was trading in the single digits.
+1 Reply
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