the problem is elliott wave rules doesn't allow a 4th correction. so i don't know how that red circle can be a 3 wave.... if it was then the market isn't following elliott wave rules just counted the duration of wave W is 18 days. wave Y is 50 days. ...

Bitcoin technical analysis

the only difference between the 3 patterns is the last one i circled in red is an impulse wave with 5 waves (not 3)... i think that is what most people do not see... elliott wave allows 3 corrections max seperated by x waves........ so that pattern ...

Bitcoin technical analysis

so true! sometimes i just can't understand the wave on bitstamp so i look at huobi. some how it is easier to read

Bitcoin technical analysis

thats one way of looking at it i guess............. here is what i came up with huobi does it make sens? image

Bitcoin technical analysis

try btc-e.com

Bitcoin technical analysis

ok... sometimes i mix up all the degrees ...... if you look at huobi the wave 2 correction was a classic 61.8% of wave 1........ bitstamp i think is 50% but thats ok. all achieved classic wave 2 retracement fibs....

Bitcoin technical analysis

did you see my 5 minute chart of the c wave? everything is there... i don't understand what else can happen ?

Bitcoin technical analysis

we can't change the cards we are dealt, just how we play them

Bitcoin technical analysis

LL, interesting chart... i don't follow ltc but i guess it's similar to bitcoin......... i have wave C subdividing into 3 waves....... so i have wave A where you have wave "i" ..... seems to my eyes correction is over for wave 2

Bitcoin technical analysis

good observation, kingtour... similar fractal.... i think you've found what venzen is looking for... the bitcoin DNA fractal

Bitcoin technical analysis

glad you're ok! since the bigger picture isn't a triangle because the so called "wave e" spiked when it shouldn't go below "wave c".... i came up with this triple correction......... as you can see wave Z is the end of the triple correction image

Bitcoin technical analysis

kingtour, did you survive this drop? hope you're not leveraged! wave 3 is in progress

Bitcoin technical analysis

wave 3 target 548 - 339.79) * 1.618 + 438.05 = 774.9 (thats where the so called "wave d" is) market hits that resistance ceiling and will move sideways for some time then get an explosive extended wave 5

Bitcoin technical analysis

let's see if wave c is done.... calculating wave 5 target 453.05 - 505 )*.618 - 471.12 = 439 correction is over!

Bitcoin technical analysis

lets take a look at wave c image

Bitcoin technical analysis

i have a target for wave 3... 3449.2 - 2223.2)*1.618 + 2658.9 = 4,642.5 cny

Bitcoin technical analysis

thanks to the market moving into wave 1 territory the picture is more clear now

Bitcoin technical analysis

wave 3 now image

Bitcoin technical analysis

typical 61.8% retracement for wave 2

Bitcoin technical analysis

wave 4 invalidated! ............it is wave 2 (unless correction is over)

Bitcoin technical analysis