PhilHumphreys
Short

BTCUSD - Correction time?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Presuming the 4.236 extension is the best we're going to get in this BTC parabolic run (bitfinex prices) and we get a repeat of BTC's historical "first move" pull backs in each bull market (around 40% on average), short term we can look for a pullback to around the 1.618 extension (which has acted as resistance and support previously). If this does indeed play out, this is where I'd plan to re-accumulate bitcoin and go long for the long term for the potentially massive bull run ahead. Good luck everyone.

A close above the 4.236 would invalidate my theory and we could go beyond 11k before seeing a pull back.
Comment: Additional confluence:
Nice chart :)
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what about that being the first wave?
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@easye12, I'm no Elliot Wave expert but if that is the first wave, wave 2 is down before wave 3 is up.
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