BTCUSD Daily 7/7/2016 Mid-term target still holds, wait and see.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
In my last analysis I specified two possibilities on how and where the current Intermediate wave 4 will end. (And two more where is this not even EW 4 that we're in!)
1. Int. Wave 4 have ended (on June 29) and we are going up further into wave 5 and
2. Int. Wave 4 has yet to end and will have to come down to form the Intermediate C wave

So, possibility no.1 is busted!
on to possibility no.2 'Wave 4 has not ended"

Question is, where will it end?
Two acceptable target for W4 to end is pointed on on the chart above. The first target is met now we will have to wait and see if the price will break the target or will the target hold.
Target 2 ($587) is also still acceptable but not likely as wave 4 tends to end its' C higher than its' A.

So now I'm down to three possibility.
1. Intermediate Wave 4 is ending, we can wait and see
Buystop: $652
SL: $633
TP: 50% at $950
2. Primary Wave 3 have already ended and we're in a Primary Wave 4, which can push our target to $618 and $539 respectively.
Buy: Wait for confirmation to buy after price went below and came back up past $615
SL: $615
TP: 50% @ $1100
3. Major Wave 1 have ended and we are in a Major Wave 2 correction, expect target as low as $400 or $303
Buy (sell): Might consider short if price broke through $587
SL: $697 (yikes)
TP: 50% at $400

I am also open to more possibilities.

The price is testing my target, will wait and see how it unfolds.

PS. For my line chart I used (H+L+C)/3 (Daily)
Comment: Just went past the first target, will wait to see how the proverbial day ends.
Ok, so the daily movement has been completed. The weighted Median Price is on target 1.
Target No.1 Still holds, if price go p then long on confirmation signal or after first dip.
Target 1 may not hold. wait and see.

Price just went through the first target, now let's see if the second target will hold.
It it breaks then we can look for a major correction, if it holds then we might expect a series of extended fifth before the end of Cycle Wave 3

Price is STILL fluctuating on
A symmetrical triangle is forming nicely.

Action: WAIT / Watch closely
3. Major Wave 1 have ended and we are in a Major Wave 2 correction, expect target as low as $400 or $303
Buy (sell): Might consider short if price broke through $587
SL: $697 (yikes)
TP: 50% at $400
Could you please Explain more ?
piriya33 A7med9050
If price broke support at around $587 then we're probably looking at a major wave 2 instead of what I've assumed to be a smaller wave 4.
And if that's true, then it will probably go deep down in to the $400, might consider shorting then.
Price is nowhere near that target yet though.
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