Wave 3 of the recent surge in Bitcoin 13.41% has been extremely strong, exceeding even the 1.618 Fibonacci Extension . However, we see a rising wedge , which is also a ending diagonal and the 5th sub-wave of wave 3. Also, the RSI is showing bearish divergence. All these factors point to a temporally correction. Remember, the price never goes up forever; there are...
My preferred count shows that Bitcoin peaked with the test of 11,395 in wave (3) and wave (4) now is developing. Wave A decline to 9,250 and wave B, which has turned into an expanding flat correction, is expected to peak near 10,905, with an outside chance of making it to 11,227 before tuning lower in wave C. A break below minor support at 10,393 will indicate...
The buying frenzy in Bitcoin, just continues to push it higher and higher. There is no time to correct properly. The rally is now close to being vertical, which isn't a good thing. I was look for this rally to may extend to 10,768 and here we are. However, the extreme buying frenzy could push Bitcoin into the 11,073 - 11,627 area, but it's time to become fearful...
Bitcoin has seen a phenomenal rally in wave (3). Only a year ago it traded near 755 against the USD and now it hovers near 8,100. I'm still looking for a little more upside closer to 9,150, but the best part of the rally in wave (3) is now behind us. As wave (2) was a simple, but deep zig-zag correction, we should expected wave (4) to be a complex structure in...
Facebook has seen an amazing rally since the September 2012 low at 17.55. This wave rally should be close to completion - Ideally near 187.17 for a correction in wave . As wave was a simple and deep zig-zag correction, we should expect a complex and shallow correction in wave . The ideal target for this wave correction is seen in the 114.77 - 115.93 area....
BTCUSD update: 7030 is touched as price attempts to retrace after the relentless rally. The big question: Is this the beginning of the big correction that everyone has been waiting for? Or just another shallow retrace? I will refer to Elliott Wave in order to get an idea of what is reasonable to expect. After the consolidation breakout which eventually got...
USDJPY will soon be getting out of its rut of bouncing back and forth in wave 4. When breakout occurs i will be long from 114,40 and headed for long term soft targets @130.
The expanded flat correction in wave 4 continues to unfold as expected and should ultimately make it higher to the ideal target near 170.00. Short-term Feeder Cattle is testing solid resistance near 159.00, which might cause a consolidation, but ultimately this resistance should be broken for the expected rally higher to 170.00 to complete wave C of 4 and turn...
BITFINEX:BTCUSD hit our first top projection at 6200 level, but we still see room for a new high, so we have to be very careful arround those levels! We believe that Bitcoin is in minor three wave correction of red wave (IV) with strong support arround 5000-5200 level and 38,2% Fibo. retracement. Keep in mind that 4th waves can be very complex, for example: flat...
BTCUSD update: Zooming out and looking at the bigger picture always provides important clues as to what price is more likely to do in the near future. In this analysis I am reevaluating the Elliott Wave count in light of the most recent support and resistance levels. The next wave that is most likely to unfold is a bearish one and can take this market back into...
Wave D peaked nice near the expected resistance-area and now a nice little S/H/S top confirms that wave E is developing. The ideal target for this E-wave is seen at 3,655, but be aware that triangle E-waves can be sub-normal and complete the triangle consolidation prematurely. Once this wave 4 triangle is complete a strong rally is expected in wave 5. A...
In my September 28 update, I called for a final zig-zag rally in wave e to complete the triangle consolidation in wave 4. This e wave has developed as expected and wave 4 is now complete. The final impulsive decline in wave 5 should now be seen towards at least 10.11 and more likely closer to the cluster supports in the 8.39 - 8.77 area from where a new rally...
Bitcoin has now entered the ideal-target area for wave D between 4,391 - 4,425 and I'm now looking for the final zig-zag decline in wave E to complete the triangle consolidation in wave 4. Once this triangle consolidation is complete a strong impulsive rally is expected in wave 5. There seems to be a tendency of wave 5 extending, which in this case could take...
A relentless rise only interrupted by small correction has been the name of the game since November last year. I think we have seen the peak of wave 3/ at 22,419.52 and a more substantial correction is about to unfold in wave 4/. I'm looking for a correction into the price range of wave iv of one lessor degree between 20,371 - 21,153. This should set the stage...
In my September 7 update, I was looking for a flat correction in wave 4. This corrective pattern has now shifted in favor of a triangle developing in wave 4. Wave d is currently developing and should be followed by a final zig-zag rally in wave e to complete the triangle and wave 4 for the final decline in wave 5 towards 9.98. Be aware the e-waves of triangle,...
My preferred count remains that a triangle is unfolding as wave 4. If this count is correct, then the ongoing wave D rally should complete in the 4,390 - 4,225 area for a final zig-zag or series of zig-zags decline(s) in wave E towards 3,655 to complete the triangle consolidation and wave 4 for a strong impulsive rally in wave 5. In my September 14 post. I...
I was asked to show my long term count for Amazon.com as the top seen at 1,083 only was viewed as a wave 3 top. This means that the ongoing correction "only" is wave 4. The Elliott Wave Principle says that wave 2 and 4 should alternate in structure. As wave 2 was deep - It corrected 61.8% of wave 1 - That indicates wave 4 should relatively shallow and not...
Amazon peaked in wave 3 at 1,083 and has since build a possible S/H/S top, This top-formation will be activated upon a break below the neckline support at 927 and will call for a decline to at least 770, which is the measured S/H/S top target. However, the Elliott wave count, shows wave 3 peaked at 1,083 and now is correcting lower in wave 4. As wave 2 was a...