Nathanael
Short

Ending Diagonal (Update)

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
671 views
4
I have done some math to upgrade the precision of my c wave ending diagonal .

Wave 5 (or e) must not be longer then the length of wave 3 (c)

The length of wave 3 (c) is exactly 277.00.
I got that from subtracting the top of wave 3 (837.00) from the bottom of wave 2 (610.00)
837 - 610 = 227

Currently as I publish this chart, the top of wave 5 is around 916. The longest wave 5 can be is exactly 227 points higher then wave 4 which equals 942.60.

Therefore, if we break 942.60, then this analysis is completely wrong, and I have incorrectly counted my waves, and I will be made fun of on reddit.

What I don't really know is where we will end up, I'm guessing from previous support, and fibs, we will end up at least below the 500 line.

Thanks and good luck!

Comments

touched 944, but jumped right back
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Bullish breakout from rising wedge ? C'MON !!!!!!!!!!!!!!!!!!!
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not a bullish breakout yet, wave 5 (or e) tends to go a little out of the trend lines in an upward diagonal, just like this chart. Im not turning into a bull until we pass that magic number of 942.60
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flibbr Nathanael
Yeah but it broke the trend... IT BROKE THE TREND !! Fucking bitcoin, thing just doesn't go down.
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ChsaDos flibbr
Bitcoin goes down. Just gotta be patient - and when it happens, it happens fast :D
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flibbr ChsaDos
Yeah, hold... hold until parabolic.. hold more.. more hold... wait for panic sell. DUMP !!!!! Rebuy quick.. rebuy quick.. quick rebuy... sell in bull trap... Rebuy quick rebuy... and HOLDD!!! .. is my usual strategy.
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That 720 btc buy on at $910 on Gox might keep forcing this up ! Go down dammit.. ! Down !
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