Frozenlock
Short

Bitcoin - First attempt at Elliott Wave

MTGOX:BTCUSD   Bitcoin / Dollar
170 9 0
My first attempt at Elliot Wave theory.

I think we might be on the brink of completing the C correction. (Inside a 4 compulsion)
We would then plunge downward to complete the 5th compulsion.
Well, that was bad.
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EW varies from analyst to analyst, but your impulse waves are the pretty much the same as on my chart! IV of the major C likely complete. Time for an extended 5th :P
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Frozenlock RyNinDaCleM
Bear mode! :-p
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snapshot
imo better view
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Frozenlock myselfbtc
Thanks.

Would you agree with the other waves as well?
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myselfbtc Frozenlock
you need to use channel toe guess wave so the points are 0and 2 and then wave 1 to guess wave 3
snapshot
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myselfbtc Frozenlock
then you use 1+3 and 2 to guess 4
snapshot
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myselfbtc Frozenlock
2+4 and 3 to guess wave 5
snapshot
if the channel is broken in a violent way it can bounce back quite fast
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myselfbtc Frozenlock
snapshot
this can be the only problem seams wave 4 stops exactly on wave 2 a gap is preferred to have a clean count
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