Wave 5 of C ew count

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
notice the decline stopped where 5=(1~3)*.618. typical target for the end of an impulse wave
Looks like you might have something here. Good chart!
usefull chart! thx
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?
LastBattle 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.
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...
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
rivet.popper user100000
Yes but those aren't supercycles. Wave 1 clearly continues up to 1163 without any correction before that.
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
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