BITSTAMP:BTCUSD   Bitcoin
I no longer believe the correction (1163-219.03) is part of an expanding diagonal. As you know, each leg of a diagonal is a zigzag and this correction is just too complex to be part of a diagonal pattern. I am leaning more to chessnut's EW count of the correction which is a complex WXYXZ where wave Z is a contracting triangle ending at 219.03. And also oaksacorn EW count where 1163 is cycle degree wave I high. It makes more sense that the length and duration of the correction is closely related in time to the the previous impulse wave; approx 0.707 of the time it took to form the impulse to 1163.

As a general rule wave three should never be the shortest in an impulse wave so it should atleast be equal in length to wave one. On a semilog chart it's possible to measure the distance wave III should cover at a minimum. Using my calculator I tried to add the length of wave I to the end of wave II to get the minimum wave III target: e^((ln (1163)−ln(2.22))+ln (219.03)) where 1163 is the wave I high; 2.22 is the start of the impulse wave and 219.03 is the end of wave Z contracting triangle and wave II

=USD 114744.09
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