So RyNinDaCleM thinks we are going to $50ish in 2017. Fun that's gonna be
Seems like whatever he was showing there has been invalidated by price action since.
No accordimg to him it's a abc correction. As long the end of wave b is lower than beginning of a it's still in play. So we basically have to break ath to invalidate it.
It's actually still technically in play even with an ath break. B wave can and often does make a new price extreme.
RyNinDaCleM I know you don't agree with masterluc on that we are now on major wave 3. As far as I understand it's mostly due to the fact that masterluc ignored data from MtGox in the early days. How big of an error do you think this is? Why don't you think masterluc has any concerns with it?
Well, it's a combination of things, really. While we
are trending up (the main reason I have coins right now), The whole rise is a mess like a wave-B and volume isn't rising as much as the price is. Take this chart for instance. It shows a pattern of higher highs and higher lows. It's a good
uptrend! But only after the break of 800 did true demand come. It came if the form of FOMO or panic, but almost in slow motion. 700-790 was expensive, but 800+ is cheap and everyone wants in!?
The volume is weakening as it rises. The 504 top was strength, but subsequent highs that follow should be getting stronger, not weaker.
There is a green arrow where luc has his small wave 2 since the giant III started. Every exchange made a ll than the start of his 1... One of the hard rules of Elliott Wave.
There are others as well, but I don't have time to go into it right this moment. I did provide a trendline (above-Blue) that would mark the strong sell upon a close below it on say on a 60-240 minute candle. This is not to say THE top is in, but
a top is in. I think $1000 is quite likely but it needs to go to 900-930 first.
Edit:
Quick $50