The bears are getting grumpy.

I am ignored when I post EW analysis here, but I gotta say, the junctures are playing out just as I am expecting.

who expected that massive buy order out of nowhere just there? me.

This analysis is based on fundamentals, not technicals. once you have the sentiment, it is useless unless you know it has been acted upon and spent.

These irrational forces play out the same every time, panic selling is as old as the hills. that is EW analysis

watch out for the bulls today.

Dont care what china does, how can the price drop if the bears dont have coins left to sell??

this coming after major panic yesterday.

Target is 560 and 600 for the day =P
oh ya it IS gonna happen.

YES ITS A THIRD WAVE HOLD ON TIGHT!!

ELLIOT WAVE ANALYSIS FTW!!

WHERE??

Yeah and thats part of my point actually. whatever was testing support was weak as hell. when it 'sparked' up I thought that was signifcant evidence. I believe we will consolidate for another 12 hours.

farking hell it was approaching support with momentum, and then it stalled and sparked up. I call it a spark, because it wasnt quite a rally.

Not a good time at all, from a day traders point of view. the panic sellers have just been, now it's up or sideways for some time. think about it.

china sparking up

If you ask me, from any source, the sentiment is a bull flag. this is the end they say, wait and buy cheap they say.

Seems to me the panic was over yesterday. the decision for the chinese to make over this news is straightforward, there was huge volume yesterday. and the wave exhausted and terminated.

If the price dropped to cerca $100, then the average person such as myself could go out and buy 10 BTC no problem. That is a HUGE share of the currency.

Nope, this has no momentum left. how is it going to pass 465 without the sheer panic of yesterday? I dont think it can for many more hours.

Yet we have an opportunity, because the chinese bwankers are asleep now and wont be confirming anything for at least 12 hours. the panic is over, the market will go up now because risk is low.

the bid ratio is an edge, I use it too. the bid ratio often fails to forecast price, but perhaps it's strategically useful.

EW analysis totally relies on sentiment, dont get me wrong. Every joe wans cheap bitcoins right now. they say they will get them cheap at 300 or so. no sir.

what I can see is a classic wave that I have seen many times. the volume was right, the time was right, the proportions were right, the liquidity, etc etc unfolded according to panic selling. I saw when it was finished, I bought at 475, cant argue with that.

what this means is that we have come to some juncture. could be a long term one, maybe not. Im not willing to say yet - but keep in mind that this is territory for reversal. I dont have a crystal ball, there I said it, satisfied? but with this tool I could pick 475 bottom, and thats a fine tool.

The trend is never good enough on its own. the trend does not help for buying low and selling high. the herd follow the trend, or they shape the trend.

the PBOC event was unexpected and had a binary effect on the market. such events always play out the same in a liquid market. why shouldnt they? that is EW analysis. how the harket moves, not necessarily where.  

LOL im not falling back on anything. it's all playing out fine.

ya know, elliot wave analysis has fundamental explanation, it's not witch craft. It's not all about charts either, an EW analyst is also fundamentally involved, or is not an EW analyst.

we are all about panic selling, it's the same every time, old as the hills.

small scale double bottom, stamp is getting warmed up to 500s again. likely to find a happy spot at 520 soon.

whats important is the change in sentiment, not the sentiment its self. I have never had such a hard time convincing people to sell at 750. no, it was moon time then. now, it's time for cheap coins, and I say, nay, wrong once, wrong twice. the herd will lose.

nope, no panic under 3000..... just like Bitstamp and BFX have been feeling around 495 for a few hours. 

I got a good feeling about this.

... If it could just try 520 again, I might get some really good sleep. Its tough buying at the bottom.

http://www.timeanddate.com/worldclock/sunearth.html

good night china, sweet dreams!