EDIT: I drew the C wave around 200 because according to Elliot, C wave is always at least the same length (or more) as wave A. However, that is just a guideline, and not a hardcore RULE. I do expect us to *at least* fall to where the A wave was $450.
Edit 2: As some others have pointed out, I may have had my count wrong. The (V) may be only a (III), however it would not change the outcome. There still needs to be an ABC correction to (IV). Here is an image
Comments
Miscbrah
⋅
very nice!
Nathanael
⋅
It took a month longer then I thought it would, I did not expect it to consolidate for song long up in that triable, he is a more accurate target:
minbari
⋅
Dont you mean $12? lolol
RyNinDaCleM
⋅
From an Elliot Wave standpoint, If 1242 was indeed the 5th wave, It can technically drop anywhere between $1242 and the lowest price ever traded (Wave-2 can retrace up to 100% of the entire wave-1). Now I'm not saying it will fall to $.05, but it can. A wave 2 typically retraces 61.8% of wave-1. That said, it is completely reasonable to expect a drop to $474 (which has already happened, but it can consolidate around that price). The wave-4 of a lesser degree is not out of the question, either. Just because it hasn't dropped that deep before doesn't mean it can't happen now.
Your last chart is also a fair expectation. we haven't been near that trend line in a year. It is time to retest it for confirmation. It would allow for the retest of many levels that have not had a test since it was passed. These retests are essential to build confidence and confirm sustainability in these prices.
Nathanael
⋅
nice accurate prediction with 474, even though we have more to go
Nathanael
⋅
As some others have pointed out, I may have had my count wrong. The (V) may be only a (III), however it would not change the outcome. There still needs to be an ABC correction to (IV). Like this:
Nathanael
⋅
Here it is on log scale, makes it look much more believable.
flibbr
⋅
All previous bubbles have finished at least 2x previous ATH..