We were counting wave V as if it were apart of a typical impulse, which seems not to be the case exactly, so an extended fifth is not really a fitting explanation. The rally from lows is without a doubt a zigzag in terms of EW. This gives us no good reason to believe we are done with the bear market in terms of EW. We are looking for validity and plausibility. Where we have good form, some things we can conclude with a high degree of probability putting our subjective feeling of what should happen aside. Im not going to count a bull market where there is no evidence for one yet only because I think Bitcoin is a great technology and people are stupid to not be buying at this price. Nobody really cares that I think so anyway! We had huge volume and panic selling, true, this is capitulation BUT the price can absolutely go lower even so. Volume comes on the third wave, not the fifth wave, and besides what we are counting could be a different beast altogether. If we bottom here for a period of many months, I have mentioned before, there is a case where we may rally towards new highs but in terms of EW we would still be bound for $100 or so after probably another year of overall sideways. Take that as you will. I think Governments have not yet fully spent their efforts to scare people off this train. We want absolute tragedy before we full our pockets.
chessnut, in terms of wave structure what do you read in the way this price is stagnating near the top of your last count (V). Is this read as an extension of the wave, or something else?
If this question is elementary, feel free to link me elsewhere
I'm assuming this is the bulls last gasp on this run, others may call it consolidation but the low volume attempt today on 300 seems to add evidence to an exhaustion of this run.
Also, the longer we stay here the longer we are (close to) butting against long term downtrend resistance, depending on how you draw and what scales used etc.
forgive me for asking questions with obvious answers: I know your current count is local, but am I right in assuming that this could be a longer term top? From your last posts, if $265/1650CNY breaks then that is more likely the scenario yes?
thanks
However the price behaves here I am expecting a retrace to around 1700. If we make fresh highs above 300 then the nature of the larger local count could change a bit, but we would still be bound for correction. Right now the bulls lack luster. I have a feeling it could slip easily any time soon, and that this will be catalysed by futures settlement tomorrow at the latest. I am watching eagerly for signs that this will be a longer term top, only in terms of months, as it would certainly be fitting.