Critical Levels - EW analysis

[SkyValeey]

Permabull doesn't need any analysis and charts 

[Tzupy]

Chessnut, I think it's time to let go of the "trending toward 2450" scenario and think about the next local bottom, 2100 or 1950?

[LFC_Bitcoin]

[keystroke]

New bg pic on my galaxy s3.

[LFC_Bitcoin]

Good man ^^

[asdlolciterquit]

Permabull doesn't need any analysis and charts 

yep...if you are a permabull, why do you need chart? you already know what will happen..

[chessnut]

Permabull doesn't need any analysis and charts 

Im not a perma bull, Ive ridden some great shorts actually and probably many to come.

Chessnut, I think it's time to let go of the "trending toward 2450" scenario and think about the next local bottom, 2100 or 1950?

I agree that the idea we are trending has changed but I do not agree that entails we should turn bearish right now. I think this market could burn bears here.

There is simply no impulse, this market has no motive, EW will not be effective until there is.

[CryptoWaves]

[A wild CryptoWaves appears]

There is simply no impulse, this market has no motive, EW will not be effective until there is.

You got that right. Keep fighting the good fight, Chessnut! My two cents - triple nested 1-2 up since the $275 bottom, valid as long as tonight's low holds.

 

[madmat]

[A wild CryptoWaves appears]

There is simply no impulse, this market has no motive, EW will not be effective until there is.

You got that right. Keep fighting the good fight, Chessnut! My two cents - triple nested 1-2 up since the $275 bottom, valid as long as tonight's low holds.

 

Could you explain the meaning of it ?

[CryptoWaves]

Rough count - since you asked.

https://www.tradingview.com/x/Ia9aG4CX/


Suggests we are possibly headed towards a 3rd wave. Tradable opportunity with a $10 stoploss doesn't come up often.

1-2-(1)-(2)-i-ii

[podyx]

Rough count - since you asked.

https://www.tradingview.com/x/Ia9aG4CX/


Suggests we are possibly headed towards a 3rd wave. Tradable opportunity with a $10 stoploss doesn't come up often.

1-2-(1)-(2)-i-ii

Oh, wow, I wish!

[madmat]

Rough count - since you asked.

https://www.tradingview.com/x/Ia9aG4CX/


Suggests we are possibly headed towards a 3rd wave. Tradable opportunity with a $10 stoploss doesn't come up often.

1-2-(1)-(2)-i-ii

Thanks for this chart. I don't really understand where the 3 (the green one) is going to be, I have to study EW a lot more i think. I am a little bit lost.

[phoenix1]

From DanV, this is a much more likely scenario IMO, with the next impulse down to test the lows now unfolding
It is what I have been watching for the last weeks and seems to be going exactly according to plan

https://www.tradingview.com/x/3h0MJ3jI/

[Queeq]

From DanV, this is a much more likely scenario IMO, with the next impulse down to test the lows now unfolding
It is what I have been watching for the last weeks and seems to be going exactly according to plan

https://www.tradingview.com/x/3h0MJ3jI/

AFAIK between WXY and triangle (which is Z) formation should be one more X giving us W-X-Y-X-Z.

[phoenix1]

From DanV, this is a much more likely scenario IMO, with the next impulse down to test the lows now unfolding
It is what I have been watching for the last weeks and seems to be going exactly according to plan

https://www.tradingview.com/x/3h0MJ3jI/

AFAIK between WXY and triangle (which is Z) formation should be one more X giving us W-X-Y-X-Z.

Label it differently with A as the $418 high (14 Oct), B as the $318 low (2nd Nov) followed by W-X- Y, with the triangle being the Y .  W = 454, X = 342, Y = 377.5 at end of the triangle.
That would complete IV and see us in V of (C) now
DanV seems to have his own unique system of labelling I am told !
 

I suggested it here, but got no feedback ...

Figure 20 flipped over (as this could all be an upwards correction in a downtrend) seems like a possiblilty here, a triple 3 off $275 ending in a triangle for Y (end of IV), and a break to the downside on completion, the start of Wave V

http://www.elliottwave.net/educational/basictenets/basics3.htm

Any thoughts Ellioticians ??

I had a PM chat with someone I respect, who confirmed that it was entirely valid

EDIT: corrected labelling

[BitCoinNutJob]

From DanV, this is a much more likely scenario IMO, with the next impulse down to test the lows now unfolding
It is what I have been watching for the last weeks and seems to be going exactly according to plan

https://www.tradingview.com/x/3h0MJ3jI/

Also been following him for a couple months, he was spot on with the last move up, not sure about this one.  I like his approach of not working too hard - focusing on the price movements daily.  Also he thinks its time to buy Litecoin now, im in already .

[phoenix1]

From DanV, this is a much more likely scenario IMO, with the next impulse down to test the lows now unfolding
It is what I have been watching for the last weeks and seems to be going exactly according to plan

https://www.tradingview.com/x/3h0MJ3jI/

Also been following him for a couple months, he was spot on with the last move up, not sure about this one.  I like his approach of not working too hard - focusing on the price movements daily.  Also he thinks its time to buy Litecoin now, im in already .

The uncertainty is a characteristic of a Wave 1 
People becoming certain and piling on would create the characteristic thrust of a Wave 3 , if this is indeed the correct count, which of course, remains to be seen ...

[Tzupy]

From DanV, this is a much more likely scenario IMO, with the next impulse down to test the lows now unfolding
It is what I have been watching for the last weeks and seems to be going exactly according to plan

https://www.tradingview.com/x/3h0MJ3jI/

Also been following him for a couple months, he was spot on with the last move up, not sure about this one.  I like his approach of not working too hard - focusing on the price movements daily.  Also he thinks its time to buy Litecoin now, im in already .

The uncertainty is a characteristic of a Wave 1 
People becoming certain and piling on would create the characteristic thrust of a Wave 3 , if this is indeed the correct count, which of course, remains to be seen ...

IMO it's likely to test support at 320$ soon, and a dead cat bounce to follow, then test 275$.
I have checked the current market movements against those of October - November 2011, when a crippled start of wave 1 resulted in a double bottom at ~2$.
And I found that the current market is bearisher than that, so my most probable scenario is that we are still in wave C.

[phoenix1]

IMO it's likely to test support at 320$ soon, and a dead cat bounce to follow, then test 275$.
I have checked the current market movements against those of October - November 2011, when a crippled start of wave 1 resulted in a double bottom at ~2$.
And I found that the current market is bearisher than that, so my most probable scenario is that we are still in wave C.

Yes, that seems like a very likely path if we are indeed now in V of C

[Afrikoin]

From DanV, this is a much more likely scenario IMO, with the next impulse down to test the lows now unfolding
It is what I have been watching for the last weeks and seems to be going exactly according to plan

https://www.tradingview.com/x/3h0MJ3jI/

I am also expecting this move down to retest lows. RyanDeClem called this move before most people. One more down before up.

I guess we'll see.