I can make a long story and write the most fancy stuff. But this is all I need.
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For those whom are referring to Elliott Wave: Im not using strict EW as it is outdated in my opinion. Not labelling the swing in the middle as it is a smaller cycle in my opinion. I could have used it, but then the cycle should be drawn as a 7 or 9 legs cycle towards my target. But in the end: I'm not here to teach you about EW. I'm showing you what is my idea which is a combination of my own TA and feeling/experience. I've made these predictions for BTC in the past and EW'ers laughed about them but in the end my charts were spot on. Maybe I'm wrong this time...who knows...I dont have a crystal ball. So, please dont start a discussion about EW as this is no EW.
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Update: some of you guys were right about the labelling. I didn't count the smaller cycle in the middle. But current situation shows that I should have counted it and makes this as a 5 legs cycles which completed, followed by a correction of that cycle in an ABC correction. That correction is completed and we should start a new 5 legs up cycle which leads us to......same targetzone as before ;-)
First of all thanks for all of your charts Ed! However would you care to tell me why the high on the 8th of december doesn't count as a wave? (is it because the third leg has to be longer than the first?) Just trying to learn.
G2Dolphin
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@EdwardToussaint, probably, because it didn't touch support line?
d3ssy
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@EdwardToussaint, nice try man... @Crypto_Ed 's strategy is his own...and mysterious it must remain! ;)
nunobispo
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@EdwardToussaint, I had the same though and doubt about that point.
edspiner
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@EdwardToussaint, 2-3 (2nd wave) can't be the shortest - that's the only requirement for Eliot pattern. IMHO it should count as wave and the point ed marked as 3 is actually 5.
If i'm right we're still in for BC of ABC correction... time will show. Of course i don't see any reason why it wouldn't read 30k after that ;)
zaumo
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Do people pay for your analysis?
T0theMoon
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@zaumo, the question should be: "How do people pay for your analysis?" lol
Why ignore the retracement of 7.8k to approx. 5k? That's in my eyes wave 2 already, this seems like the end of wave 5 and more like a ABC-correction (A already done, B going down right now and C incoming). Seems also a bit more logic if you look at the exponential growth of Bitcoin. But then again it's all speculations so who knows, I might be wrong as well :).
Sixboost
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@Shockinalive, Looks pretty normal and healthy to me? Smallest correction we have had to date.