This latest drive down began hours before Mt.Gox's "earth shattering news update", that they wouldn't be providing an update yet on the status of frozen customer withdrawals. Notice, I said *before* the update. While the "insider exodus" totally threw off a sweet ABCD pattern I was watching, it did get going what we've all been waiting for. The beginning of the end to this long downhill slide... and hopefully Gox as well. (rat bastards)
This chart shows the decent from the $800 consolidation level at the beginning of the month, to now. What is important to note is that the major lows are moving harmonically with time, and guess what time it is. I've averaged out my buys all the way down and I've got one last big shot left. We've blown through the last major support levels at 572 and just now at 550 (turning it into resistance). There's nothing left but bottom. I'll be looking for mid to high 400's before we're through.
be patient and stick to your plan.
This chart shows the decent from the $800 consolidation level at the beginning of the month, to now. What is important to note is that the major lows are moving harmonically with time, and guess what time it is. I've averaged out my buys all the way down and I've got one last big shot left. We've blown through the last major support levels at 572 and just now at 550 (turning it into resistance). There's nothing left but bottom. I'll be looking for mid to high 400's before we're through.
be patient and stick to your plan.