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EW:alternative count

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
194 8
what if this is the "correct count"
What is your reason for not calling (1) at 65 the end of wave 3, and the rise to 104, wave 4? That is my count. I am trying to determine your reasoning so that I can judge if your count is better than mine. According to my count wave 5 down just began. 5 waves down from here, if wave 5 ~= wave 1, will being us ~ 50. According to this count, wave 3 has not even ended yet. If this correct btc will likely go to below 40. You can view my count at :

JimFred
"What is your reason for not calling (1) at 65 the end of wave 3, and the rise to 104, wave 4?" each time you have a overlap in waves you need to go on a subwave
here is a example chart about how sub wave works
myselfbtc
damn i miss places 1 and 2 in a hurry and place them at start instead of end ffs
myselfbtc
fixed version
JimFred
A rule in Elliot wave theory says that wave-4 must not enter the price territory of wave-1, so you get a sub-wave
I see. (Please forgive my comments, I am only trying to help us BOTH get the right count.) The point you have labeled wave 1 beaks down to 3 waves, not 5. This suggests it is a wave A, B or C, not a 1. Don't you think so? IMHO this is a 5-3-5 correction, with the sharp move to 50 being the 1st 5, then the 3 waves of the ABC are the points you have labeled B, 1, 2. Then the next 5 waves down began from the point you have labeled 2.

That would suggest that wave 4 of 5 just ended at 104.

I mean no disrespect. I am thrilled to find another wave counter I can bounce ideas off of!! As we both know, it is important that we have the right count, or we will make a mistake. And it is so easy to make a mistake....
JimFred
i took ur chart and remix it a a little i hope you dont mind
myselfbtc
No problem, I appreciate the give and take. Happy trading!
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