It's called a correction (waveaddict's bitcoin charting subscription thread)

[Hunterbunter]

What are the chances of it finishing the age old correction @ 4ish?

I heard it can do it this side of the channel...which would be some sort of official reversal marker or something.

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[waveaddict]

you are forgetting about the many waves off the 5.45 top

Not a competitor to you ))

just watching a game, having a bud wassup

Btw, daily MACD is about to intersect downside.

I'm keeping an eye on it. Enjoy those beers for me 

[waveaddict]

What are the chances of it finishing the age old correction @ 4ish?

I heard it can do it this side of the channel...which would be some sort of official reversal marker or something.

your thinking is correct however we need to go a tad lower than 4

[waveaddict]

MACD crossed, also, daily 10-21 EMAs are about to get crossed. I guess we could see more downside soon.

most of the time, a short term bottom occurs as a major bearish cross happens. However, that bottom is just that...short term. Remember, indicators are always lagging by nature.

[Hunterbunter]

What are the chances of it finishing the age old correction @ 4ish?

I heard it can do it this side of the channel...which would be some sort of official reversal marker or something.

your thinking is correct however we need to go a tad lower than 4

hmm...that means it will take a few weeks for this to play out...bleh more waiting around!

Unless...you can break the channel a little and it still count as a rebound..? oo or it could do it twice!

[waveaddict]

What are the chances of it finishing the age old correction @ 4ish?

I heard it can do it this side of the channel...which would be some sort of official reversal marker or something.

your thinking is correct however we need to go a tad lower than 4

hmm...that means it will take a few weeks for this to play out...bleh more waiting around!

Unless...you can break the channel a little and it still count as a rebound..? oo or it could do it twice!

Yes, this will happen over a period of several weeks. It will not happen tonight 

[pent]

current 5.3 -> 4.5 ~ 4.8 fibonacci 38%
last wave 4.95 -> 4.5 ~ 4.8 fibonacci  62%

4.8 is the corrective target for next downside move.

Drunked prediction =)

[waveaddict]

'premium only' email sent

[chsados]

re chatroom I was looking at this free forum providers earlier today http://www.phpbb.com

with a view to adding it to my WA site, but it's taking me a while to work out how it all works, maybe I should ask chsados to give me a hand setting it up, also am off for a long W/E in a couple of days so not sure if can get it done by then

what do you guys think of a private subreddit group from reddit.com?  or do you guys prefer a more traditional private forum?  ive heard good things about vanilla

[waveaddict]

IMHO, the question of whether or not we are in a corrective 2nd wave or a 4th wave right now boils down to what exactly was going through the mind of whoever sold at around 5.16. If it was a genuine sell then we are likely in a 4th. On the other hand, if that individual or group of individuals shorted to create a panic then we might be in a 2nd and the ensuing short squeeze could take us all the way back up to 5.1 or higher.

And, the more I think about it, the more I am inclined to believe that it was a short since we literally cut through every major support like butter which should not have happened unless someone, with money, really wanted to break the charts and force the market in a direction it did not want to go originally.

[proudhon]

I didn't put my biggest bids high enough.     No biggie.  I can wait.

[realnowhereman]

The 38.2% Fibonacci retracement off this sharp move from $5.26 to the first bottom of $4.84 was around $5. So the likely retrace to 5 after 4.84 was probably a wave 4 meaning that we are currently in a terminal 5 which will likely bottom us out in the 4.6 - 4.75 range before we head up in a meaningful correction.

Could have done with that in an email...  I get an alert on my phone from emails; but I don't sit and monitor this forum constantly.

I am now completely confused.  How does the above fit in with your most recent email?  I have no idea where I should be now and what I should be looking out for.

[zby]

IMHO, the question of whether or not we are in a corrective 2nd wave or a 4th wave right now boils down to what exactly was going through the mind of whoever sold at around 5.16. If it was a genuine sell then we are likely in a 4th. On the other hand, if that individual or group of individuals shorted to create a panic then we might be in a 2nd and the ensuing short squeeze could take us all the way back up to 5.1 or higher.

And, the more I think about it, the more I am inclined to believe that it was a short since we literally cut through every major support like butter which should not have happened unless someone, with money, really wanted to break the charts and force the market in a direction it did not want to go originally.

Wasn't it was the same case with the recent push-ups - maybe it was a manipulation after all?  If I had a lot of money on MtGox I sure would try this game of breaking the trend lines - it seems that many people watch them and the breaks do generate a lot of movement.  It is risky - because you can always encounter a stronger investor defending the trend lines - but after some time you can more or less know your relative strength and profit on the movements that you start.

[waveaddict]

The 38.2% Fibonacci retracement off this sharp move from $5.26 to the first bottom of $4.84 was around $5. So the likely retrace to 5 after 4.84 was probably a wave 4 meaning that we are currently in a terminal 5 which will likely bottom us out in the 4.6 - 4.75 range before we head up in a meaningful correction.

Could have done with that in an email...  I get an alert on my phone from emails; but I don't sit and monitor this forum constantly.

I am now completely confused.  How does the above fit in with your most recent email?  I have no idea where I should be now and what I should be looking out for.

the previous email still holds since that terminal 5th wave that I talked about above concludes with a big rally afterwards which over time should still get us close to the target area (I would subtract .10 though from the number I gave though) that I talked about in the email. Remember, I want you guys to sell on strength and not in weakness during a panic selling binge which we continued yesterday after the initial sell-off. But, yes I will send my thoughts in email form for now on. I am sorry about that.

[pent]

The main technicial indicator for bitcoin trends  http://www.google.com/trends/?q=bitcoin&ctab=0&geo=all&date=2012&sort=0

[realnowhereman]

The 38.2% Fibonacci retracement off this sharp move from $5.26 to the first bottom of $4.84 was around $5. So the likely retrace to 5 after 4.84 was probably a wave 4 meaning that we are currently in a terminal 5 which will likely bottom us out in the 4.6 - 4.75 range before we head up in a meaningful correction.

Could have done with that in an email...  I get an alert on my phone from emails; but I don't sit and monitor this forum constantly.

I am now completely confused.  How does the above fit in with your most recent email?  I have no idea where I should be now and what I should be looking out for.

the previous email still holds since that terminal 5th wave that I talked about above concludes with a big rally afterwards which over time should still get us close to the target area (I would subtract .10 though from the number I gave though) that I talked about in

Excellent.  I'm less confused now.  Am I correct then to assume that the above paragraph was a very short term analysis?

the email. Remember, I want you guys to sell on strength and not in weakness during a panic selling binge which we continued yesterday after the initial sell-off. But, yes I will send my thoughts in email form for now on. I am sorry about that.

It's not a major problem; I was simply surprised to see it when I checked the forum when I woke up.  Just wanted to alert you to the different priority that I (and I would imagine others) have on their messaging systems.  I certainly don't object to thoughts here too.

Thanks again waveaddict (I might be seeming a little bit like your most annoying and noisy customer, but I do appreciate such good customer service).

[waveaddict]

email for today has been sent 

-March 20 update (includes chart: 110)

[proudhon]

Who else is dancing with the bear?

[SkRRJyTC]

Who else is dancing with the bear?

Soon...

[Hunterbunter]

Who else is dancing with the bear?

Yeah dancing the night away here.