This was when Gox opened and a few geeks threw coins around. The average WEEKLY volume was something like 40k USD. This is looking at noise. Even if I were to believe in whatever wave theory, which I don't, I would not use this data as a reference.
Personally, my current best guess would be a change of attitude and a few hurt speculators some time soon, resulting in maybe one or two months of correction. But this is not something I can bet on, we might as well see a huge chaos unleashed due to the excessive margin trading. I wasn't expecting this, so I'm nut sure I got all the scenarios right on this one.
I can just say that this time, enough factors to allow a sudden hard crash have accumulated, so I strongly recommend to not go all-in! Especially not on margin! Better safe than sorry when one isn't sure what's going on. This goes both ways, look at how quickly the order book changes these days.
Topic: How long this correction will take? - page 4. (Read 5560 times)
it's funny, that graph looks peculiarly like the chicken entrails i was looking at yesterday...
I know many expect a break out (to 9 or to 4) just around the corner - but in the past after monthly scale rallies there were also monthly scale corrections and I would not expect one of them instead of a quick down or up spike. For example see the first monthly scale wave in October-November 2010:
After the about month long rally there was about month long correction. If someone subscribes to the Elliot Waves theory - this was the first sub wave of the first main (yearly) wave - we are now in the first subwave of the second main wave so this one can be quite similar. But even if we look at the other monthly scale waves - they too had corrections that took about the same amount of time.
After the about month long rally there was about month long correction. If someone subscribes to the Elliot Waves theory - this was the first sub wave of the first main (yearly) wave - we are now in the first subwave of the second main wave so this one can be quite similar. But even if we look at the other monthly scale waves - they too had corrections that took about the same amount of time.
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