user100000
Long

target correction/update

BITSTAMP:BTCUSD   Bitcoin / Dollar
2712 28 15
using a semilog chart the target for wave 5 is about USD 28,000
semilog is more suited to bitcoin market behavior rather than using arithmetic scale
wow . good ideas
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user100000 khoilevt
thanks. this is even better than a normal impulse wave. the market must know something if it intentionally created an expanding diagonal
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Hi user100000, do you have an EW count for the current 60min chart action?
I've been drawing one but not sure if I'm getting it right.
Does this look right to you? If so, owuld the current impulse I've drawn, form the first leg of a correction ABC? What do you think?
Thanks a lot
John
snapshot
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johnrfraser johnrfraser
Or do you think it is this? Which one do you think is correct/closest?
snapshot
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user100000 johnrfraser
try to count BTCE. it's the only one with a clean chart and without the fake spike down
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MoonTrader user100000
Why do you think it's fake? All the other exchanges had it.
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user100000 MoonTrader
fake from an ewp point of view. spikes that make no sense are common when markets are under stress and are illiquid. each exchange has such weird spikes eg bitstamp spike up to 15 in 2011 and btce spike down to 102 in 2014; bitfinex spike down to 100. you can't really use those number to count the waves
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MoonTrader user100000
That's interesting. 4xForecaster is a big EW guy, and I remember him using that $100 spike in his counts.
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oaksacorn user100000
I agree. Don't use that spike.
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ChartArt user100000
as I recommended before, the only charts to watch to discover the reversal very early were the Chinese exchanges
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although i know that in some paralelle universe this is actually true, the chance of this happening are in the 0.x range imo :)
Still nice to dream!
-2 Reply
user100000 Qiuness
patience! not many thought 1160 was even remotely possible when bitcoin was trading in single digits
+5 Reply
oaksacorn user100000
:-).
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Which one of your analyses are you going with? yesterday you projected wave 5 to end at 3000USD or am i missing something
expanding leading diagonal
-1 Reply
user100000 pumapunko
as market aproach 3000 we count the waves. if there are two complete impulse waves seperated by a correction 3000 is the target. if one impulse wave is missing or the zigzag pattern isn't complete 28000 is target
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pumapunko PRO user100000
Thanks for your explanation!
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yeah.. i'm not selling anymore.. i'll just buy more .. even if it drops a still to retest lows..
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RamaDeda wonky_tonky
me too. I hope shorters will have bad days!
+3 Reply
Elliott Wave rule : Wave 4 can never overlap Wave 1.

How do you explain your count since you break this rule?
+1 Reply
user100000 Bitbuck
no rules broken. this is an expanding diagonal. overlap is expected. it's not a standard impulse wave
+2 Reply
When does this begin to play out? It has to start soon if we're supposed to hit 28k by March, right?
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user100000 rivet.popper
don't worry, with all the chaos in this world we should go into bubble mode starting in feb. we only need 8 weeks of parabolic action to reach our target of 28K. also, there could be overnight "reset" of gold which will cause further choas
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rivet.popper user100000
I'm intrigued. Please explain the gold "reset". And is it really possible that people will be willing to pay 28k for a coin when it was 200 USD one month before that? Are you expecting the average joe (noobs and suckers) to finally get in the game? And finally, how does the Winklevoss ETF come into this?
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user100000 rivet.popper
the system is close to breaking. dollar strength is a sign they are losing control. they will have no choice but to hyperinflate the currency

all i know is the pattern is an expanding diagonal and the next move is up up up take us near the 1~3 connecting line around 28K
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rivet.popper user100000
Have you ever seen Elliott Wave fail? It's hard to believe all these things converging at the same time, and that it happens in predictable patterns that you can accurately measure. Not saying EW doesn't have its uses, but as a sole indicator?
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user100000 rivet.popper
i have only seen analysts failed attempt at interpreting the price action. of course you need liquid market with good volume/public particip otherwise elliott waves don't work

it's the only tool i know of that has predictive power
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rivet.popper user100000
What can I say except I sure hope you're right! I am seriously long both BTC and LTC... You're not the only EW analyst saying we are going into a protracted bullish Wave 3 or 5, so here goes nuthin'...
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How are things going with this chart? Are you still feeling on target?
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