OgiK
Short

Elliot Wave 5 not complete

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Elliot Wave 5 still needs to form down to the 161.8% retrace around the $4500 area.I see major resistance and not enough volume to indicate a true reversal. You could make a strong counter argument but I think we have to let the cycle complete before speculating any trend reversals.
Looks like its breaking out of pattern
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Your chart is probably the most accurate TA I have seen so far. Any update ? :D
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OgiK Monka-S
@ClaudioTorresPrado, Allowing the price to play out a bit before making any updates, I'll keep everyone posted...but I'm still expecting a pullback towards that 6k level and possibly down to $5k as the fibs suggest.
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No one will let you buy their BTC for 6K.... its over :(

We are breaking though 9K becuase the market makers are filling the charts with traps. It makes total sense that BTC SHOULD correct again.. .but it aint happening
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isnt this a valid count ?
https://ibb.co/gaCaAn
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OgiK moshearg
@moshearg, no because your wave 3 is way too short, also wave 1 needs to extend to your wave point 3, this will then give you the proper size wave 3. I looked at all of these variations and none make sense but the one where wave 5 still needs to complete.
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OgiK moshearg
@moshearg, I have considered this formation also, but it seems invalid to me...we need the last leg to form to complete the cycle.
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@OgiK, Why wave 3 is too short ? its more than 1:1 ratio with wave 1, that sounds good enough ? isnt it ? in my picture, #5 is more than 1.618 fib extension.

new picture - https://ibb.co/dwV6Y7
what do you think ?

the only thing that I see that #4 is overlapping #1
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OgiK moshearg
@moshearg, You're not necessarily wrong, I had the same setup as you in the beginning but pay attention the sub waves in the Wave 3 formation. Let me know what you think, to me your drawing then becomes invalid.

http://prntscr.com/icxqtn
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@OgiK, thanks for this dialogue, I test myself and learn from it.

you say we get wave 3 as the shortest,
https://ibb.co/myZg0n

but it isnt the shortest not in the 5subwaves of the 5th, and not in the big one - (24% to 37% difference)

what do you think ?
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