Pink Grasshopper
Long

BTCUSD in correction heaven (hell?)

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
177 4 3
Unless this currency falls right now (making wave 3 of C) we may be looking at contiunation of the correction. At this time it is looking like triangle forming for wave b. (falling volume confirming consolidation). We may see another run up, maybe to test the highs for wave c of larger B before a rollover.
all right, this is it... last leg (e) of the triangle has likely formed. we either shoot to the upside for (C) or fall hard. Volume still falling, my bets are on triangle and thrust to the upside...
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if 860 is taken to the downside, it's game over for the triangle
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for now it's holding and the triangle could extend where current price action would be forming wave C of that triangle (C's sometimes get messy looking). If such scenario is unfolding, we could see price rise to about 950-1000 range, then fall back to current level (without exceeding ~868 to the downside) and then thrust out of the triangle to meet the target indicated on the chart to complete the correction. Volume is still falling.

On the other hand, breaking ~868 below will indicate that the leg C of the larger correction is indeed unfolding and we're currently looking at a very bearish beginning of a downfall.
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snapshot
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