BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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here is my cleaned up chart for the primary wave five. this is the main count from this point forward. i do not think the expanding ending diagonal is correct idea because the shape just doesn't have the right look about it

basically we can do the primary 5 impulse wave fast or slow. i have no idea. wave 5 touching the upper channel is correct from an elliott wave style channel. this channel is drawn using primary waves 2 and 4 and going thru primary 3

the 423.6% extension is similar to cycle I so i'm using it again here as a guide
Comment: the channel implies timing where the price action intersects with the extension line and the upper channel line at wave (5). (if history repeats using same 423.6% extension as cycle I)

of course, it isn't necessary to know before hand what extension the market decides to use. simply watching price action approach the upper channel line is good enough indication

(as can be seen on the chart, some time around november 25 bitcoin should be at 90K is my best guess using the same cycle I extension)
Ok, you took the Sept-Dec period to be the wave 5 of wave 3 of primary 3. Now we are at the correcting wave 4 of primary 3. Is it not possible that it continues for a few more months and be deeper or form a double bottom. How are you sure that this was the bottom.
+1 Reply
user100000 BobbyBB
@BobbyBB, if you draw a channel connecting primary wave 1 to primary wave 3 and the lower channel line touching primary wave 2 you will find primary wave 4 has reached the limits of this channel (time and price). moreover, this is cycle wave III as in most wave threes in general they are strong and steep so there isn't much time spent in consolidation.

also, 5th waves are very strong in bitcoin....... using the extension tool starting at primary 2 to intermediate (3) to intermediate (4) we get almost 423.6% extension for primary 3 (ATH). that seems to be a repeating pattern (fractal). the large pattern will be similar which should take us to ~90K and the end of cycle III
+2 Reply
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