the price action is no longer contained within the channel as you can see. that means the correction was a higher degree wave. i also had an invalidation of my wave 4 so this isn't a wave 4 correction any longer but a wave II (bigger degree) correction.
according to rules and guidelines of elliott wave principle wave three must never be the shortest wave so it should atleast be equal in length to wave I
using my windows calculator set to scientific you can calculate where wave I equals wave III in length e^((ln(1163)-ln(2.22))+ln(255))= (1163 is the ATH) (2.22 is the start of wave I) (255 is the recent low)
USD 133,587.83 per bitcoin we have long way to go.
my previousious estimate of 7K to 10K is not correct because of the recent invalidation of wave 4 and realising the price action is outside the channel hinting at a higher degree (wave II)
hi! thx for your work! How about counting global waves with the older data from mt.gox? I like your charts, but can't understand why you don't consider gox data
user100000
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i looked at gox data from the start. i assume the 1st move up was the supercycle (I) peak and the correction was a supercycle (II). bitstamp & gox sync up at the lows. nothing has changed in longer term picture. market is trending higher because it is in a supercycle (III) wave. so far, market completed wave I and II. III is in progress
vortexspaces
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Ok, now i see your point on this! Thx! Keep on charting, always interesting to see new ideas )
MoonTrader
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But you think we've reached the bottom, correct?
user100000
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yes 100% confident
edwinrosero
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How many months will it take to reach the peak of Wave 3?
user100000
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"How many months will it take to reach the peak of Wave 3? "
future wave 3? i don't know. im watching what happens around march 27
3 cannot be the shortest wave so that cant work... i think
user100000
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"QQ: Does'nt this look like an unfinished elliot wave?"
i believe wave 5 was an ending diagonal. rules are the 5th wave must be the shortest wave. should be shorter than 3rd