Bitcoin Preparing for Major Pain. (Elliott Wave Analysis)

BITFINEX:BTCUSD   Bitcoin / Dollar
It appears that we just completed an Irregular Failure Flat on the 12H chart. Since this is a running correction it implies very strong counter-trend power so I would expect that we go to at least 190 on this leg down, possibly even lower. This pattern should take 1-2 weeks to complete. It's a very nice, clean count. Perfect Impulsive move down followed by a running correction. Retracement Identification Analysis confirms that all of these waves fit the structure properly. Fibonacci Relationships are very nice as well and everything is proportional in time.

The only other possibility would be that this is actually some sort of x-wave but there are multiple reasons why I wouldn't count it that way. First of all, it passes the impulsive litmus test and the chances of there being an extended zigzag outside of a triangle pattern is almost none, the retracement ID doesn't confirm an x-wave, and finally, it is also pretty large to be an x-wave. With all of these things considered, and with the larger counts considered, it seems extremely likely that the above pattern fits into the whole, perfectly. That means that I can say with fairly high certainty that this is going to break down very hard, very soon. This chart only shows an intermediate target, I do believe it will go lower than this target after a correction. Refer to my monthly chart for longer-term targets.

“You only find out who is swimming naked when the tide goes out.” -Warren Buffett

Good luck and happy trading!
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I agree. Most people are still bullish and I see some points how that is the case... time will tell.
+1 Reply
good job
ralph elliot had a stroke before coming up with his wave theory.
+2 Reply
Intuit PRO IamNomad
Thank you for the ad hominem analysis? Also this is mostly Neely's theory, which greatly builds upon Elliott's original discoveries.

You sound like you're bitter because you lost money because of this chart or another not being perfect. It was somewhat expected that this could happen, which is why you should not be swimming naked. This particular pattern leaves a lot of variation, and actually looking at other exchanges it may even be something else. I do think that this is still going to break down soon, but you are free to post a counter-idea or disregard this chart. I understand EW is difficult for most people to understand due to its chaotic nature and the fact that it is easy for analysts to make mistakes that seem huge, but in reality most competent analysts are able to sell their losers quickly and hold their winners for most of the trend. Since you seem to lack an understanding of EW I would actually recommend that you disregard EW analysis because it will confuse you and you will probably make a lot of mistakes, like holding on to losers for too long.
i applaud your response .. i especially like the part where you tried to sound educated talk shit but failed because we have discussed both theories in the past and its archived in chat logs. i still think scam coin is best coins however but EW is used wrong 99% of the time in every chart i see here simply by the count or the extension being completely wrong, therefore throwing off the whole chart. i think that 190 by oct 6 is increasing unlikely the more we bounce off any resistance and establish higher bottoms. never mind the fact that 1d-2w oscillators are all very much reset for the first time in a very long time. but well see. good lucky to your sir..

It appears that my original count may be wrong, and that we actually just completed Wave-a of a flat. This means that we should chop around in this range until most likely Oct 4th, at which point we should begin Wave 3 and start falling to new lows.
And the worst call in #Bitcoin goes to...
+3 Reply
Intuit PRO Bitcoinpie
How much money did you lose that you felt it necessary to come back and post this? Maybe you shouldn't follow a guy named scamcoins if you don't know what you're looking at. Just FYI when I am wrong my loss is extremely small and I cut losses on this trade almost immediately once it started going in the opposite direction. Can you say the same? Also I'd like to see your record that is 100% right every single time.

Please refrain from posting if you have nothing to add to the discussion.
+3 Reply
Intuit PRO tootyfrooty
I lost about $2 of price on this chart and stopped out once the top of wave c was broken. If you call that rekt then sure, rekt.

In the future, I'd appreciate if you refrain from posting unless you have something to add to the discussion. You should expect a guy named Scamcoins to be wrong every once in awhile, I am not a god even though you may think i am ;)
you 8 the b8 m8
+2 Reply
flibbr PRO tootyfrooty
LOL... Rekt..
+3 Reply
LastBattle tootyfrooty
Intuit PRO tootyfrooty
@Intuit, triple REKT
This chart is the best fail ever
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