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Author Topic: Elliot Waves - time for a long correction?  (Read 1689 times)
zby
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January 13, 2012, 06:42:25 AM
 #1

No much waves counting recently - so here is my humble attempt.  My conclusion is that we finished a monthly scale wave and are now for a monthly scale correction - but there is one detail that is not fitting.

So here are the pictures:


This is the big picture - we have finished the correction after the first wave and are now into the 3rd wave (that means up up up). And this is what was going on in latest weeks:



 We had clear, finished 4 waves (1 impulse, 2 correction, 3 impulse, 4 triangle correction).  The only question is is the 5th wave finished?  If it is then we'll have a multi-week correction, if not then we might yet reach 10 in a few days.  Let's see the last wave in more details:



So we had pretty clear 1, 2, 3 and 4 waves - but no 5th.  My personal theory is that it failed, most probably because USD shortages on bitcoinica removed the momentum from the upward move.  If it is so - then we are now for the correction.  But maybe we are still in the 4th wave?

I am still undecided myselfj.  I have sold half of my BTC - it's not very rational profit maximizing strategy - but at least I'll be able to reconcile myself if the price go any way.
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legitnick
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January 13, 2012, 11:15:50 AM
 #2

I think the next time it tests the resistance at 7.22 it break through.

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zby
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January 13, 2012, 11:25:30 AM
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I think the next time it tests the resistance at 7.22 it break through.

Agreed - but what is most probably now is that it will test 5.8 first.
naima53
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January 13, 2012, 02:39:02 PM
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Quote
because USD shortages on bitcoinica removed the momentum from the upward move
Can be... Look as at them the volume has grown... More people trades on bitcoinica. The part from them has passed with Gox. Gox! Please! Make in the interface of stop-loss, and people will come to you! (return to you!)  Wink

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alan2here
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January 13, 2012, 04:31:13 PM
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Provide leverage thats based only on completly average price at any one single time and everyone will come to you.
Vandroiy
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January 13, 2012, 04:39:31 PM
 #6

I think the next time it tests the resistance at 7.22 it break through.

You are aware that prices are not some kind of stronghold that lowers resistance once broken, right?

The purchasing power of all Bitcoin holders, and thereby the selling power, rises linearly with price.
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January 13, 2012, 06:58:16 PM
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this is as scientific as reading the entrails of a chicken
Dan The Man
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January 13, 2012, 07:06:04 PM
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this is as scientific as reading the entrails of a chicken

You've made chicken entrails readings? What did they predict? Was the gall bladder dark? Should I sell now?

Flappy
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January 13, 2012, 08:01:00 PM
 #9

I think the next time it tests the resistance at 7.22 it break through.

Agreed - but what is most probably now is that it will test 5.8 first.

I agree.

If $7.22 was the end of wave 5
    then Jan 9 $5.81 --> wave A
    and Jan 11 $7.14 --> wave B

now I'm watching $5.7 ish to conclude wave C some time this weekend - probably Saturday.
zby
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January 14, 2012, 09:20:50 AM
 #10

How about returning to the 'main' trend since December:
arepo
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January 14, 2012, 07:01:17 PM
 #11

How about returning to the 'main' trend since December:


+1

elliot can go eat some chicken entrails for all his analyses are worth

this sentence has fifteen words, seventy-four letters, four commas, one hyphen, and a period.
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