David Alcindor updated:
Here is the most BULLISH scenario I can come up with:
1 - First, it is nearly guaranted that we are in a prolong correction, hence the large, encompassing A-B-C pattern.
2 - Projection of such pattern (not in terms of Elliott Wave, but simply in terms of geometry), Wave-C projection off of Wave-B defines 363.66 as pan-ultimate top for this correction ... Near December 2015.
3 - The two most recent channels reflect R.N. Elliott channel methodology ... Hence, we just completed an Intermediate Wave-(3), whereas Intermediate Wave-(4) should be under development at this time.
4 - Based on same R. N. Elliott channel construction, the secondary channel (GREEN) points to a higher border validation at/near 363.66.
5 - Bad news is that from a total Wave, these broad sweeping correction will tend to return o the origin of Wave-A ... Interestingly, this fits the Predictive/Forecasting Model's outer most tolerable WL value = 152.72, defined this past SEP 2015.
So, as mentioned before, the only analyses are revealing at the H4 levels and above, offering a broad "bird'seye view" of what the Bitcoin trader will HAVE TO endure, not only in terms of adverse excursion if ever SHORT, but in counter-trend threat if taking a long position, especially near the current yet-to-define top.
Best,
David Alcindor
Sauce:
https://www.tradingview.com/chart/BTCUSD/vTWNd0Qk-BTCUSD-bitstamp-Stomped-Mulls-Decline-bitcoin-BTC-forex/
Show Posts
