ending diagonal update 2h

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Bitcoin / Dollar (BITSTAMP:BTCUSD)

BITSTAMP:BTCUSD Bitcoin / Dollar

bitcoin

wave 4 looks complete. wave 5 is in progress. the final wave down.

Hi. Appreciate your chart. Thanks for sharing.

Not sure why you feel this is ending diagonal. I originally slipped up and said it might be but that was very early on. However. Ending diagonal would be a patter to see after intimal decline and then retracement followed by this ending diagonal. Hence it is called so. But in this chart it seems it is commencing from Nov 2013 high. So it would have to be a leading diagonal rather than ending. Also, if the wave 5 = wave 1 on throw over, it would violate the rule in that wave 3 would be the shortest. Hope you don't mind me sharing this with you.

DanV

thanks. appreciate your visit.
i believe we have different counts. im unsure if you are aware of my count. wave 3 was very strong (2.618*wave 1). so its reasonable to assume wave 5 would not be strong enough to go beyond wave 3 so i realized it may be an ending diagonal developing for the final wave. as you know, when there is exhaustion in trend such as strong wave 3 market create ending diagonal .

this is my wave 5 of C. again we have different counts i believe so i couldn't follow your chart.

regarding wave5=wave1, i was reffering to a larger degree wave 1 on another older chart (not the wave 1 of diagonal):

user100000

Ah, I see, you are saying ending diagonal from the recent high at 454. My bad. OK interesting. So see how this will develop. Mt ending diagonal as larger wave C is for price action since Jan 2014 high and also in wave 5 which will be abc or wxy zigzag with 240 as the price target.

DanV

no problem. all comments/criticism welcome! gives me chance to improve and better myself

DanV

i also use wxy but only for wave 4. your chart was too complicated for me so i made my own. hehe

i thot wave C was over but apparently its not

user100000

It is possible for the labels you have on that, however the trouble for that is it is very hard to have 5 internal waves clearly labelled in your wave 3 without bending the rules. Like wise in wave 5. So whilst it might still work in your scenario, but I would not be very confident in that. wxy are just corrective waves and can be applied in corrective cycle where abc don't fit as wave c required 5 waves internally.

DanV

it just make sense to me because wave 4 is sideways action wave so it looks good in wxy. i shall try to take a look at my wave 3 to see if i can get five waves out of it... wave 5 isn't over yet of course. wave 3 of 5 surely was extended

user100000

Great, look forward to your results. Thanks

DanV

i've just counted the wave 3 as promised. hope it makes sense and is reasonable

user100000

Yes I see. This sort of counts have been proposed earlier by others. After the major 1 2 next lower series of counts have wave 3 as the shortest. So not sure if this is valid count. The point I am making is that there is issues with this as counted as 1-5 impulsive move. It can only be counted as abc or wxy. The it becomes 3 swings rather then 5. In which case it seem to fit the 3-3-3-3-3 ending diagonal as per my charts with wave c starting from Jan high.

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