the_batman
Long

BITCOIN CORRECTIVE WAVE MOVE TO $450

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
671 2 7
UPDATE(10/4): As of a few days ago, this analysis is no longer valid. Something happened out of step--an additional impulse wave that should not have happened. The impulse wave was timed with fresh rumors out of china. It might be just a fleeting occurrence (ie normal movement will resume) or it might be a prelude to something bigger. It's also possible this analysis will stand or that I've been grossly wrong. The bottom line is that it's unclear, and that means it's not tradeable.

This is a follow-up to previous charts. It uses the current data to project the next phase of the elliott wave .

It's a little early to call the bottom -- it could still drop to 61.8% ($330~). Additionally, there are a handful of alternate internal wave counts (aka I'm pretty sure the ones posted are wrong lol). The main conclusion is the same in all possible scenarios:

The following major corrective wave -- the next large movement -- is going to be BIG and UP.

Note that the targets are preliminary: they will be refined as internal waves unfold and present targets of their own.

UPDATE (10/25): The wave has dropped down to the 61.8% retracement of the wave. This chart stands strong: none of the confirmations have been broken, etc. The targets will need to be adjusted, but only minorly. A more precise wave chart will come next.


Excellent forecast so far! I'm now excited to see if the rest turns out as you predicted, too.

snapshot
+1 Reply
the_batman ChartArt
TY for the updated image :)
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