Hmmm, could that be the long-awaited correction?
I doubt it. If it is, I'll be very disappointed. It came too soon, and was too small, to count as a legitimate correction, IMO.
That was A. Soon we'll have the upmove for B, then C down. C should extend 1.6 times as far as A. But then again, this is bitcoin, so anything can happen.
Where were the upward waves? I just see one big upward movement, TBH.
The only charts that ever seem to move in elliot waves to me are traditional forex charts. Anything that is more news/speculation affected seems to just trend until some news happens, or just generally act ballistic like Bitcoin.
We have completed wave 5 off the $65 bottom. This 5 wave structure, IMO, is wave 1 of the all time 5th wave. Wave 1 ended at $32, 3 at $266, and we are starting wave 5. After a decent correction, we will have wave 3 up that should be larger than wave 1. This is, of course, only one possible scenario. I can't predict the future.
So by this theory, basically each "bubble" was an upward "all time" wave, and each "crash" was a downward "all time" wave?
That means that wave 5 began at $57, correct? So, by this theory, we're going to have to break $400 in all-time-wave-5, before correcting downward to about $32?
Wow, thats going to be a slight issue, is it not? I mean, its bitcoin, so I'm not disputing that it has the potential to happen, but... yea.
EDIT: have you tried applying the elliot wave on a log chart? Maybe that would prevent those wild swings from being quite so wild.
