user100000
Long

Wave 5 of C ew count

BITFINEX:BTCUSD   Bitcoin / Dollar
995 20 13
notice the decline stopped where 5=(1~3)*.618. typical target for the end of an impulse wave
Why do you think 3 is so high? Doesnt 1.62*the first wave make more sense to hit resistance at the previous 4?
Reply
Noobincrypt PRO Noobincrypt
I mean ~270?
Reply
user100000 Noobincrypt
wave 3 is 1.5*wave 1. im not sure i understand your question
Reply
Also, why is it 5 up and not a ABC up pattern after the 5 down? Is that because you consider up the main trend now and thus not a ABC correction before back down? Sorry for many questions.
Reply
user100000 Noobincrypt
yes the 1 year+ correction is over. at the end of corrections we get two impulse waves back to back. ie wave 5 impulse wave down then an impulse wave up. i consider correction is over so i can't expect the recent move up to be abc correction but a real new bull market first impulse wave up
Reply
If it was ABC/1-5 we will know by the end of 3/C in a few days. Also 400 at 5 at this point will go above the yearly downward wedge, I guess proving this correct, or not. I assume that we are still in a downtrend and this correction matches the last one we had, even the drop was the same % down from the last ABC correction. Also its been about 5 days from bottom (half way to the top of A), last corrective ABC was ~10 days between bottom and wave A completion. Then down 20, and up 10. Well know soon enough if the pattern will repeat or not. I think you are one of very few who think we are full bullish now to break the 1 year + downward market.
Reply
user100000 Noobincrypt
i think it's over because i ran out of waves to count for bear market to continue. all waves are accounted for: A, B, C (1,2,3,4,5). there are no more waves to count! bear is done
Reply
I don't understand why you don't count 0-1163 USD as the Supercycle Wave 1, then all of 2014 as Wave 2 correction. Hence we would be starting Wave 3 of the Supercycle now, right?
Reply
LastBattle PRO rivet.popper
Not enough data to back it... it'll be pretty inaccurate over long term in my opinion.
+1 Reply
rivet.popper LastBattle
It follows all the EW rules, so why not? Of course there are ups and downs within the bigger waves and scary drops, but overall the large waves seem to play out as Elliott would predict.
Reply
user100000 rivet.popper
because macd is highest point at 1163. it indicates wave 3 only. if it was really wave 5 then macd would diverge from previous peak. impulse wave or in this case expanding diagonal isn't complete yet. there is missing wave 5
+1 Reply
rivet.popper user100000
How can BTC have started with a wave 3?? That doesn't make sense. It had to have started with a wave 1...
Reply
user100000 rivet.popper
wave 1 is 259, wave 3 is 1163. it is expanding diagonal. in this case it is expanding leading diagonal because the whole pattern is is cycle I
Reply
rivet.popper user100000
Yes but those aren't supercycles. Wave 1 clearly continues up to 1163 without any correction before that.
Reply
user100000 rivet.popper
the correction is the crash to 45 from 259. that's a good correction for wave 2. we haven't yet had our supercycle or cycle degree I yet. it's still developing i believe
Reply
user100000 user100000
percent change from 259 --> 45 = 82.6 % decrease
percent change from 1163 --> 152.4 = 86.8 % decrease
both similar and look to be same degree waves
+1 Reply
rivet.popper user100000
Hm. So what's your projected high for this wave then?
Reply
user100000 rivet.popper
wave 5 to 28,000
Reply
usefull chart! thx
Reply
Looks like you might have something here. Good chart!
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out