http://www.sentitrade.com/blog-en/wp-content/uploads/2010/12/Elliott-wave.png

With the recent price drop of Bitcoin and the near completion of a full price cycle I would like to start an Elliott Wavecount thread focusing on sentiment analysis, volume analysis, fundamentals/news, and of course price. All are welcome, informed opinions, charts and wavecounts are highly encouraged.

More info here: http://en.wikipedia.org/wiki/Elliott_wave_principle


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Price is currently 476 on BTCe, and we soon start Wave 1 of the next cycle. It is characterized by focus on negative news (China's ban, recent Bter deposit shutdown rumors, USA's decision to tax capital gains) and negative investor sentiment. Shorting and selling is the popular action. Once the price starts rising and the classic disbelief of its veracity starts filling the forums we will be able to decisively declare Wave 1.