1. Either Wave 2 ended Jan 2015 and we are currently in a Wave 3 up, OR
2. We are completing the B wave of an irregular 2 and price will come crashing down shortly.
I suspect the latter...
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 of II) to $120-$60 range before we can begin Wave...
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 correct).
We should know in the coming days...
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 waves (and little wave 5 once little waves 3 and...
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 points of Waves C, 5 and v, by looking for fibonacci...
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 11-12-2014).
Wave X connects W & Y (X duration: 11-12-2014 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 push post-triangle...