Critical Levels - EW analysis

[WiiD]

Dear chessnut,

great call. What is your analysis for the current situation?

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[chessnut]

Dear chessnut,

great call. What is your analysis for the current situation?

It was clearly a triangle breakdown which means that we will very likely revisit the area of the triangle and probably above when this all blows over. This could be continuation or corrective and I dont have information to support either yet.

If the breakdown is a typical impulse the unorthodox bottom is likely in regardless of weather a fifth wave will arrive. If its a combination (less likely) then we could grind a bit lower over much time. I think the market is saying do not touch until we have formed a new structure from here.

[elasticband]

WOW, what a call....... if i didnt know better id say you are a whale who moves the price where he wishes..... either that or you knew bitfinex was going to be hacked 

Great call!

[Morecoin Freeman]

Triangle revised, same story but SHARP since its an eg type.

This prediction was great chessnut. Nicely done.

[kobilica]

Agreed. Dead on prediction!

[kobilica]

Now, from this moment, new counting of triangles begin?

[Shiroslullaby]

...panic short if 610$ support breaks, because it drops to 480$.

Well, boys, here we are at $550.
Glad I watched this thread because I made a couple purchases just as coins got to about $625.
(I had a feeling you guys were right and they would drop lower.)
Hopefully we don't have a great financial crash with people jumping off tall buildings because they put their entire life savings into BTC and it went belly up.

[hdbuck]

Hopefully we don't do have a great financial crash with people jumping off tall buildings because they put their entire life savings into BTC Banks and it went belly up.

It is more probable considering the current "state of affairs" that we will experience the other way around.. Bullish!

[chessnut]

The impulse had many primary wave extensions which is why it seems it has bottomed on just one sharp fell swoop. Having gone too far none the less I think the bottom very probably in.

We know theres a bottom here because of the triangle. We know abc's retrace at least 62% as a strong guideline. Not to mention that the abc could have been a wave ii of sorts.

[Chef Ramsay]

So, the $700 range? Mr Chessnut?

[chessnut]

So, the $700 range? Mr Chessnut?

700 is a fair target, 700-800 range is asking a bit much from a guideline.

[podyx]

Do you think there'll be any dip from here? I would like to buy in at 540-550

[Afrikoin]

great call chessnut!

The impulse had many primary wave extensions which is why it seems it has bottomed on just one sharp fell swoop. Having gone too far none the less I think the bottom very probably in.

We know theres a bottom here because of the triangle. We know abc's retrace at least 62% as a strong guideline. Not to mention that the abc could have been a wave ii of sorts.

[chessnut]

The impulse had many primary wave extensions which is why it seems it has bottomed on just one sharp fell swoop. Having gone too far none the less I think the bottom very probably in.

We know theres a bottom here because of the triangle. We know abc's retrace at least 62% as a strong guideline. Not to mention that the abc could have been a wave ii of sorts.

Now that this abc is behind us in clarity we can play with the idea that this could be a grand wave iii following a wave ii. Not necessarily but I dont see why this is a lesser count given what is behind us.

[podyx]

Glad to see you bullish.

I fear a bearish chart from you

[chessnut]

Glad to see you bullish.

I fear a bearish chart from you

bad timing on that one eh,

This downside move was an impulse and it's broken some important levels. big time sideways should follow, downside risk is higher now

[chessnut]

Now that this abc is behind us in clarity we can play with the idea that this could be a grand wave iii following a wave ii. Not necessarily but I dont see why this is a lesser count given what is behind us.

Happy bubbles everyone looks like this is happening. Target for 3 would be 8000-9000 yuan at a glance.

[quake313]

Glad to see you back chessnut 

[Fakhoury]

Now that this abc is behind us in clarity we can play with the idea that this could be a grand wave iii following a wave ii. Not necessarily but I dont see why this is a lesser count given what is behind us.

Happy bubbles everyone looks like this is happening. Target for 3 would be 8000-9000 yuan at a glance.

Happy to see you again back Chessnut, any time frame for this target ?

[chessnut]

Happy to see you again back Chessnut, any time frame for this target ?

within weeks