Follow up after calling the mid term bottom at 278 in September
In my previous post linked below, I had indicated that the first major bounce would probably come from 278 which is exactly what happened.
Now let's follow up.
The June-October Decline ( intermediate A) seems like an impulsive one wave affair but I do not subscribe to the 'WXY flat correction since 2013 is complete' view because X is too shallow. X Should at least be 61.8% of W for it to be considered part of a flat.
The move up from 278 ( intermediate B) clearly lacks the momentum of a trend change and is obviously correcting wave A.
Two high probability harmonic targets for intermediate B are 478 and 510. After 510, 600 comes into play but I assign a very low probability to us reaching there.
The BTC market moves fast.
I believe, the last leg Y of the WXY correction which is taking place in the form of a zig-zag (ABC) should finalize without breaking the trendline which means it has to end before June 2015.
Depending on the time dimension, it will be somewhere between 200 and 279, whereafter we will correct the whole WXY correction.
I still believe that the final leg of the correction will take us to 70s by 2016/2018.
Now let's follow up.
The June-October Decline ( intermediate A) seems like an impulsive one wave affair but I do not subscribe to the 'WXY flat correction since 2013 is complete' view because X is too shallow. X Should at least be 61.8% of W for it to be considered part of a flat.
The move up from 278 ( intermediate B) clearly lacks the momentum of a trend change and is obviously correcting wave A.
Two high probability harmonic targets for intermediate B are 478 and 510. After 510, 600 comes into play but I assign a very low probability to us reaching there.
The BTC market moves fast.
I believe, the last leg Y of the WXY correction which is taking place in the form of a zig-zag (ABC) should finalize without breaking the trendline which means it has to end before June 2015.
Depending on the time dimension, it will be somewhere between 200 and 279, whereafter we will correct the whole WXY correction.
I still believe that the final leg of the correction will take us to 70s by 2016/2018.
