Nathanael
Short

Mt Gox Elliot Count

MTGOX:BTCUSD   Bitcoin / Dollar
250 9 2
Mt Gox is the clearest to count for EW right now, so I'm going to publish this chart.

If we are just ending wave 4, then here are my wave 5 targets based on common fibonacci ratios.
What about the thrust target?
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Why start wave 4 at wave e and not a where it made the highest retracement at a ?
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Nathanael ovidiucs
good observation, but elliot rules are you measure the preceding wave from wave e of a triangle.
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ovidiucs Nathanael
I see. I didn't knew that. Do you think that overall this is likely a flat correction or an irregular / zig-zag ?
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Nathanael ovidiucs
what time frame are you talking about? the long term correction on the 4hr - daily?
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ovidiucs Nathanael
daily
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Nathanael ovidiucs
Its a tough call, as there is a lot of bullish sediment, I would expect more of a flat, with the bottom of wave C matching the low of wave A (380 stamp, 455 Gox) However, since wave B did not fully retrace up to the top of the ATH, that suggests we may have a zig zag. Im guessing 75% Zig Zag, going slightly lower then the lows of Wave A. Some serious fear would have to take us there - but you never know.
snapshot
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Frozenlock ovidiucs
In Elliott Wave, you usually label the waves where they end.
Here, wave 4 would end at the end of the triangle.
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Here is the chart with a nice channel :)
snapshot
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