btc-e is tracing an expanding diagonal pattern. market should accelerate to 400+. im not sure what the catalyst will be. we shall see
b wave was a triangle. the thrust out of triangle was the c wave.
wave 5 is in progress. wave ((ii)) deeply retraced ((i))
if you draw a channel around the same degree waves it can help you estimate wave five target instructions: connect the lower channel wave two and wave four of the same degree and move the upper channel line to touch wave three. this will give you an idea of where wave 5 will likely end
wave 4 may be complete. a zigzag correction. im expecting an extended wave 5 with a target of 2571
i believe wave 3 has completed with an extended ((v)). wave 3 was only 161.8% of wave 1 so it is considered "normal" size. we may get an exteneded wave 5 (100% of (1~3)) after trading sideways for a bit macd confirming 3
(iii) of extended ((v)) seems complete. wave 3 could end up at 2377. that is typical for an extended wave 3 (2.618*wave1)
ewp is flexible enough to absorb external shocks such as the recent coinbase news. wave ((v)) seems to be extending. wave 3 is typically 1.618 * wave 1. watch 1917 closely
i believe wave 3 has ended. note wave 3 is shorter than wave 1. that means future wave 5 must be shorter than wave 3. we can calculate the limits once wave 4 has completed note the bearish macd divergence inside wave 3 itself. signals the end of 3
here is an example of what an expanding diagonal looks like (from EURUSD) to give you some idea how BTC will unfold
wave ((ii)) correction almost done. typical 61.8% retracement of ((i)) is likely.
notice the decline stopped where 5=(1~3)*.618. typical target for the end of an impulse wave
wave 5 of the ending diagonal finally over market resume uptrend. wave 3 in progress notice how volume decreasing as market decline to this point
correction is almost over. this is the last time you will see bitcoin below 200
market correction of wave 1 is in progress probably your final chance to buy bitcoins cheaply