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vuduchyld
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August 14, 2014, 04:27:11 AM |
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Is there anything to make of the fact that this wave down seems to be happening in an accelerated fashion as compared to the chart? Or am I just misreading the chart? It looks like you had projected this move down to happen sometime in the future, not right now.
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Newbie1022
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August 14, 2014, 04:31:05 AM |
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It's because it isn't an Elliott Wave at all... it is a straight line heading East Southeast... maybe even South Southeast
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CryptoWaves (OP)
Newbie
 Offline
Activity: 38
Merit: 0
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August 14, 2014, 08:27:18 PM |
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Is there anything to make of the fact that this wave down seems to be happening in an accelerated fashion as compared to the chart? Or am I just misreading the chart? It looks like you had projected this move down to happen sometime in the future, not right now.
The timing on the chart are not to be taken literally, they are just estimates. The drop is playing out exactly how I said it would once the bottom of the triangle gets taken out. Price movement is the most important aspect to watch. |
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vuduchyld
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August 14, 2014, 09:51:50 PM |
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Is there anything to make of the fact that this wave down seems to be happening in an accelerated fashion as compared to the chart? Or am I just misreading the chart? It looks like you had projected this move down to happen sometime in the future, not right now.
The timing on the chart are not to be taken literally, they are just estimates. The drop is playing out exactly how I said it would once the bottom of the triangle gets taken out. Price movement is the most important aspect to watch. Thanks for the clarification. By the chart, it looks like you'd expect some kind of a turn (preferably with volume) somewhere between 415 and 470? And I'm guessing that you would not recommend trying to catch the bottom, but rather waiting until there is a clear turn with volume? Then maybe buying on the way back up, hopefully early, once indicators have turned? |
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CryptoWaves (OP)
Newbie
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Activity: 38
Merit: 0
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August 15, 2014, 07:28:59 PM |
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His main Bullish invalidation is at $420.27 as is mine (the beginning of the minor wave-(1)).
My primary count of Bitcoin being in a Minor 2 wave down is actually valid down to the previous C-[Y] low at $339.79. Wave 2's can retrace all of the wave 1 move without breaking any EWave rules. More realistically, wave 2 should not retrace more than 88% of a wave 1. The 88% retrace of Minor 1 is $383. By the chart, it looks like you'd expect some kind of a turn (preferably with volume) somewhere between 415 and 470?
And I'm guessing that you would not recommend trying to catch the bottom, but rather waiting until there is a clear turn with volume? Then maybe buying on the way back up, hopefully early, once indicators have turned?
I expect Minor 2 to reach the minute (c) = minute (a) target of 429, at least. I don't want to be giving trading advice, so you'll have to assess whether your position sizing allows for 'catching the bottom'. Enter trades with a plan based on price targets and you will be ahead of most traders and if you are just holding for the long term, consider buying in increments rather than buying all the same time. |
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BuildTheFuture
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August 18, 2014, 01:50:08 PM |
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Congrats on your analysis working out - we're right between your targets currently. Looking forward to what's next.
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BuildTheFuture
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September 08, 2014, 03:40:12 PM |
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Bump - hi, any updates on how close we are to completing 2? Thanks!
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prophetx
Legendary
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Activity: 1666
Merit: 1010
he who has the gold makes the rules
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September 26, 2014, 10:51:05 AM |
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Queeq
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September 29, 2014, 08:30:06 AM |
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I hope CryptoWaves would forgive me for cluttering his topic. This must be the best place for EW analysis as long as RyNinDaCleM closed his blog. So I believe we are in the end of extended wave (5). They are quite common for Bitcoin. Wave 5 of (5) seems to going to extend as well. Notice how fibo extensions play out. The only thing that bothers me is that on BTC-e wave (4) enters the price range of (1). However it's not for Bitstamp. I was starting to think it's not 4th wave, though it looks like expanding triangle and subwaves are looking legit for that.  |
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prophetx
Legendary
Offline
Activity: 1666
Merit: 1010
he who has the gold makes the rules
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September 29, 2014, 08:40:09 AM |
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I hope CryptoWaves would forgive me for cluttering his topic. This must be the best place for EW analysis as long as RyNinDaCleM closed his blog. So I believe we are in the end of extended wave (5). They are quite common for Bitcoin. Wave 5 of (5) seems to going to extend as well. Notice how fibo extensions play out. The only thing that bothers me is that on BTC-e wave (4) enters the price range of (1). However it's not for Bitstamp. I was starting to think it's not 4th wave, though it looks like expanding triangle and subwaves are looking legit for that. forget about btce use bitstamp and huobi |
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ionication
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September 29, 2014, 09:41:55 AM |
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Bitfinex seems to have become more important than Bitstamp. Bitfinex can be found on Tradingview as well.
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Queeq
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September 29, 2014, 02:29:07 PM |
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Looks like we got flat correction here (a-b-c on the chart). Moreover, EWO crossed zero upwards, so now it seems like wave 4 is complete or almost complete. I'd expect one small leg up to 380-381 for wave c to have clear five subwaves.  |
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CryptoWaves (OP)
Newbie
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Activity: 38
Merit: 0
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September 29, 2014, 05:01:06 PM |
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I don't mind Queeq, though I don't have much time to chart BTC recently - you may want to open a new EWave thread.
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BuildTheFuture
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October 03, 2014, 03:30:55 PM |
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Could be a nice looking ending diagonal just wrapped up the 5th wave down? See a 4 or 6 hr stamp chart.
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