in luc's option wave 2 is too short, bear market can not be wave 2, maybe wave 4, but imo ryn's option where 166 was wave A bottom and now we are having wave B is the most likely option, so 50-62% retrace from 1100 is the most likely target, or even just 38%, though it could make even smallish HH
http://www.tradingfives.com/articles/elliott-wave-guide.htm
here is a chart from RyNinDaCleM
http://www.tradingfives.com/articles/elliott-wave-guide.htm
here is a chart from RyNinDaCleM
I haven't seen that chart from RyNinDaCleM until now, maybe he didn't show it in this forum so the permabulls don't call him names?
According to that chart, the bear market would last until July 2017, but the block reward halving is at the end of July 2016.
So the price could be around 250$ in July 2016 and only around 50$ one year after the block reward halving? I find this impossible,
unless there will be some major technical flaw with bitcoin, in which case double digits would be expensive, I hope such a disaster wont happen.
Yeah that ABC correction doesn't look possible given the block reward halving and increasing global financial instability. Is Wave 2 really so short as to make this ABC chart more plausible?
Wave 2? RyNinDaCleM wave count is that the 1163 high in November 2014 completed wave 5 of a five wave impulse and we are now in a three wave ABC corrective phase. Contrast his count to masterluc who believes we are still in wave 3 of the initial impulse.