It would seem that my initial expectation was that we will get retest of that level, but on close analysis early Sunday morning London time, I was able to call for higher bottom almost on the dot as those who were present could confirm.
So for now I am willing to assume that we do have intermediate term higher bottom at 540 and are now in our final leg up towards 750 zone as round number but that it could be 720 or even 780. New price data will help narrow that range as we progress.
If we do complete that consisting of 3-3-3-3-3 then it is terminal ending entire cycle from 340 low in April.
Incidentally the Time Symmetry you see with possible high round 26th June, that has been on my chart for few weeks now. Nothing to do with the proposed auctioning by the authorities un USA. Might be just coincident or may be TA does have place in the analysis and not just the never ending fundamental cries. Time will tell.
For those who have better grasp pf Bicoincity will never agree to my seemingly twisted view but that is when I think the BULL will be completely confounded. If you want the reason for my view (right or wrong) feel free to check the recording out at https://www.youtube.com/watch?v=OzZ0t9BV...
But for now assuming the 540 low holds then I am willing to ride this up to referred upside target. The might consider going into hiding, or may be not.
Bitcoin Address for those who wish to tip - 1Q1jYasGiJxvvYNX2KwwmX8KGoXRMu9rAW
Enjoy the ride.
What they do not seem to grasp is that those development of part of larger cycle which was in infancy. Now that cycle is maturing they could not have same out come. As the cycle mature the upside moves are generally less impressive and correction can take lot longer than previous instances specially after parabolic move lake in 2013.
Based on my analysis and EW interpretation, I am expecting another big drop to 340 or lower. during which time general bullish sentiments will change to despair before the low is in. So the Bubble story might still reappear but much later than many think. May be towards late 2014 or early 2015 before meaningful low is i and new cycle could develop.
So yes I agree with your summary.
Whilst one can never say never. My reservation with your suggestion would be:
1. The decline from Jan 2014 high April low at 340 you have then labelled as 1-5. Wave 3 looks far too overlapping with major wicks on both sides. So whilst it might give the appearance, I think are not correct.
2. IN the Youtube video I have tried to explain the problem with those sables as I have already seem many others are applying similarly. But the main point is that if the decline from Jan is indeed 5 waves, then that would be considered wave c, hence potential end of the correction from Nov high as an abc zigzag. Suggesting we are in new bull market. If so what reason do we have that we now need sort of abc bounce and another abc decline from 680 May high?
3. The close consideration of the leg c from 420 is whilst dynamic, is difficult to identify 5 waves, To me it looks like small wave and then wave c with 5 waves topping around 680.
4. Whilst I also apply trendlines on RSI and sometime with good results, you cannot rely on that entirely for trendlines and pitchforks specially schiff or modified schiff, because, the indicator is bound by 0-100 range hence it does not have the opportunity to remain in the boundary of the pitchfork since by passage of time the indicator will drift away from the range or trend identified.
So for those reasons I cannot fee it possible at this stage for your view to play out, not for anyone to suggest that we have the major low in place at 340 already.
However on further price data should I reconsider my views I will not be stubborn and refuse. Thanks again.
As for the classification of the that choppy leg being a correction leg and not an impulse. I think you are right! but If you take a look at Bitfinex you will also see that this new downwards move could very logically be a new downwards impulse.
We will see what will happen. Wishing you good luck!