Wow, I checked in to see what the great, cigar-smoking brains were thinking and what a potential floor for this correction may be: I find some meta-discussion about forums and that some VIP forum has been set up. No riff-raff.
"Being a millionaire is not required" - hilarious
I take the stance of Marx (Groucho not Karl) with regard to clubs.
"Being a millionaire is not required" - hilarious
I take the stance of Marx (Groucho not Karl) with regard to clubs.
Madam,
Why is your tongue so sharp?
Concerning the correction - I had some bids in the 600-700 area (most of) which were fulfilled. This was a small short-term gain after selling at ~800 when that level started to feel shaky 1-2 weeks ago.
This is an excellent setup for the "final capitulation", the bottom of which can be anywhere significantly below the current price of $664 and the exponential trend which is today at $648. Around $400 is my guess. I now put the chances of going lower at above 50%. Long time ago I played with the possible dates and found that Feb 14 is a good candidate for being the low point. Any time until end of March is possible though.
Mt.Gox may blow up and could catalyze further crashes. A persistent downward trend also suppresses new investment. It is just the way the market goes - in waves. The good thing is that when we see the bottom, there is no more downside left, it is all UP, UP, UP.
TL;DR: I think the confidence is now decisively shaken based on the price action alone, which means that trend is down until exhaustion.