major trend change

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
market activity above wave 4 signals major trend change is in progress
We're at about 214 as I write this (Superbowl Sunday). Is this wave count invalidated?
I believe we've hit bottom. I've detailed my reasoning here:
Here is a possible count that would make the most recent spike above $300 "wave 4 of C".

With a break above $340 I would start considering that a bottom was already in place.

+2 Reply
Nice count Kappy.

Interesting things happening on the smaller scales...
I don't think we finished the final Wave C down. Specifically, I think that the the final wave (v) of 5 of V of C has just begun (my chart doesn't show the smallest wave (v)).

Further, we have Fibonnaci Clusters for estimated end points of waves 5 and V at 0.618 of waves 1-3 and I-III, respectively. These Fibonacci Clusters show an estimated end point of approx 960 Yuan ($140-$160).

+1 Reply
chessnut Unapologetic_Capitalist
your 1-2 and 3-4, and I-II and III-IV are totally overlapping.
1-2, 3-4 are indeed overlapping because, I believe, Wave V is an ending diagonal impulse wave of corrective Wave C (which is the only exception to the rule that 1 and 4 can't overlapped).

Similar analysis re ending diagonal for I-II and III-IV, as Corrective Wave C seems like an ending diagonal as well.

I could be wrong, but Wave C and Wave V being ending diagonals indicates, at least to me, that the bottom is near.
Unapologetic_Capitalist Unapologetic_Capitalist
Further, both ending diagonals are following the 3-3-3-3-3 diagonal impulse wave exception, as opposed to the 5-3-5-3-5 rule for normal impulse waves.
I see a nice impulse on the 15min chart, following a triangle too.
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