user100000
Long

Expanding leading diagonal update

BITSTAMP:BTCUSD   Bitcoin / Dollar
The diagonal pattern is now officially an expanding diagonal. Wave 3 (underway) at this point is longer than wave 1 (i.e. not contracting): 49.88 > 48.12. Wave ( iii             ) did not extend. The advance stopped at 1.618*wave (i) which is a typical wave three fib extension. Wave (iv) is now in progress and depending on the pattern, e.g. triangle, the fib extension tool may need to be adjusted for better target accuracy. In an impulsive wave, it's normal to have at least one of the waves (i, iii             , or v) extend. Since waves (i) and ( iii             ) were "normal" size I believe wave (v) will very likely extend and may be equal in length to the distance traveled by waves (i) and ( iii             ); see the 100% level line (~294)
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