Bitcoin Preparing for Major Pain. (Elliott Wave Analysis)

BITFINEX:BTCUSD   Bitcoin / U.S. 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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This chart is the best fail ever
+1 Reply
+3 Reply
Intuit 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
+3 Reply
flibbr tootyfrooty
LOL... Rekt..
+3 Reply
LastBattle tootyfrooty
Intuit tootyfrooty
@Intuit, triple REKT
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