JimFred

Possible wave 4 count

MTGOX:BTCUSD   Bitcoin / Dollar
256 0 3
BTC             has still not posted a daily close over 100.44 after 4 days of trying. So, my preferred wave count has still not been ruled out. (If we close over 100.44 waves 1 and 4 overlap.) We are VERY close to that, but after 4 days have been unable to cross that boundary. Meanwhile we are just a few candles (4hr) from a likely turn point, with both the 55th and 21st candles from lows approaching.

One possibility, if this is indeed a w ave 4 rally, is that we are in a triple ABC ( ABC X ABC X ABC ). If so, we are to expect just one more small push up to end the rally. It is my expectation that this last push will end on the 55th candle after the low, and we will not see a close over 100.44 (daily).

The moment of Truth, one way or the other, will likely appear within the next 12 hours or so.
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