The end is nigh! Just kidding. Final price drop in the works before new ATH.
As per my drawing, looks like Wave 4 (of C of II) expressed itself as an expanding triangle and may have completed its retrace to exactly 50% of Wave 3 (of C of II)
If so, expect price to drop catastrophically to complete Wave 5 (of C ...
Looks like we just started our final leg down. This would be Wave (v) of 5 of V of C.
Also looks like we have a set of Fibonacci Clusters at around 960 yuan, which indicate a potential wave 5 (0.618) x the lengths of Waves 1-3 and wave V (0.618) x the length of Waves I-III (assuming my wave count is ...
After the near term bull trap finishes, price should continue down to bottom to complete Wave C and start new cycle to ATH, with bottom target of 1390.
Target of 1390 calculated by determining estimated end points of Waves C, V, 5 and v (and later little 5), by looking for fibonacci clusters that coincide with all ...
Price broke out of the Wave 4 triangle (black triangle) to start wave 5 and finish the short move up of Wave ii (of Wave 5 of Wave C) with a target of 1756 before starting descent down for Wave iii of Wave 5 (to complete Wave C and start new cycle to ATH).
Target of 1756 calculated by determining estimated end ...
Here's another contrarian post to follow up my previously partially incorrect post.
At the completion of Wave 5 of 5 of 1, the news re Microsoft accepting Bitcoins was released, thereby initiating Wave 2 up.
Next update of previous post to reflect that the first red arrow from my previous post completed. Also updated labels for this complex correction.
If this triangle of b or X completed, expect a short bull move up to around 2215-ish followed by a substantial move down to 2060-ish.
First an overview of my Elliott Wave analysis for context, followed by my forecast(s).
Current Overall Level: Wave C
Current Sub-level: Wave 4
Next Sub-level: Wave 1 of Wave 5
Wave 3 ended/Wave 4 started on 10-05-2014.
Wave 4 consists of W-X-Y combo.
Wave W made up of A-B-C (W duration: 10-05-2014 to ...
Looks like the triangle Wave 2 (of Wave 5 of Wave C) is coming to an end with Wave 3 heading down once we break out of this triangle.
A small breakout above the triangle could be a head fake. Only sustained prices above the triangle would be bullish, which is remote, but possible.
Much more likely for a bearish ...