I actually enjoy questions and comments (both positive and negative), so please leave them.
My thoughts:
1. Note that wave 2 is a triangle that is essentially sideways. Wave 4 typically alternates, in this case a sharp bounce.
2. The ultimate target of .01 makes the most sense as most zigzags finish at the 161.8% fib of wave ((A)). There's little reason to suggest this will be any different.
3. It is entirely possible a bottom is found earlier than .01 without breaking any rules, but it just seems unlikely. The psychology of it (as per chart) makes sense on how people typically react in bubble situations. A bottom of .015 does not smell like despair but .01 does. Most people also expect a .015 bottom.
4. The path and time frame is just a guideline, it's almost impossible to predict the exact path and time it will take. However, I have added fib timelines for the first time. Will be interesting to see how it will play out.
FAQ: (Not really since no one ever asks me anything so I'll make them up)
Q: Mr BuyBitcoins, how come you do not use indicators such as volume to assist your trades?
A: I do believe indicators such as rsi, macd, volume, etc are useful. However, I personally find them a little distracting. They can also be less valuable during massive bubbles. If something is not broken, why fix it?
Q: Where did you learn Elliott Waves from?
A: There are resources all over the internet, plenty of books out there and videos. I don't have any recommendations.
Q: What's the airspeed velocity of an unladen swallow? - @UnknownUnicorn85727
A: A quick search found this as the answer: "...to estimate that the airspeed velocity of an unladen European Swallow is 10 meters per second."
Q: What should I ask you? - @esuvari
A: Nevermind.
Disclaimer: None, I think they are stupid. Stop pretending to be holier-than-thou.
(Give me likes, because I am an insecure individual who needs validation from others. Its free!)
My thoughts:
1. Note that wave 2 is a triangle that is essentially sideways. Wave 4 typically alternates, in this case a sharp bounce.
2. The ultimate target of .01 makes the most sense as most zigzags finish at the 161.8% fib of wave ((A)). There's little reason to suggest this will be any different.
3. It is entirely possible a bottom is found earlier than .01 without breaking any rules, but it just seems unlikely. The psychology of it (as per chart) makes sense on how people typically react in bubble situations. A bottom of .015 does not smell like despair but .01 does. Most people also expect a .015 bottom.
4. The path and time frame is just a guideline, it's almost impossible to predict the exact path and time it will take. However, I have added fib timelines for the first time. Will be interesting to see how it will play out.
FAQ: (Not really since no one ever asks me anything so I'll make them up)
Q: Mr BuyBitcoins, how come you do not use indicators such as volume to assist your trades?
A: I do believe indicators such as rsi, macd, volume, etc are useful. However, I personally find them a little distracting. They can also be less valuable during massive bubbles. If something is not broken, why fix it?
Q: Where did you learn Elliott Waves from?
A: There are resources all over the internet, plenty of books out there and videos. I don't have any recommendations.
Q: What's the airspeed velocity of an unladen swallow? - @UnknownUnicorn85727
A: A quick search found this as the answer: "...to estimate that the airspeed velocity of an unladen European Swallow is 10 meters per second."
Q: What should I ask you? - @esuvari
A: Nevermind.
Disclaimer: None, I think they are stupid. Stop pretending to be holier-than-thou.
(Give me likes, because I am an insecure individual who needs validation from others. Its free!)
Comment:
I no longer think we the time frame is correct. It's unlikely to go at the same trajectory as wave 3. A more likely scenario is this:
