Have we been fooled for a triangle? Series of 1s & 2s
A big mistake in Elliott Wave analysis is doubting yourself that a pattern developing would be so big that your bias says "it can't" or "that's an extremely slim possibility" and you rule out the count.
This is a possibility to the down-side right now. Keep in mind several forks are highly likely in 2 weeks! We can't predict what that means for price action. However, with Elliott Wave as tool and idea of where sentiment is right now and how a significant fork might affect sentiment, calling for a significant decline - in wave 3 fashion - after a series of 1-2 waves is completely in the realm of possibility and now I'm considering it as highly likely. Additionally, it fits right into my big picture count that I've stuck to trying my best to remain objective and not allow for (bullish) bias.
Going back to my message at the top, with more of the big picture developed, it possible to count the sideways movement during 2015 as a series of 1-2 waves developing for a HUGE rally. (See 'Entertaining the Bull' chart linked below in related ideas.) At the time, I thought that was too bullish too soon... lesson learned. Whichever count ends up to true, five waves at high degree are complete (or nearly complete if the triangle interpretation wins and a return to the 100-300 level is what the wave counts suggest. We are at the top of 'The Arithmetic Bull vs The Log Bear'.
Quoting once again from my 'Long-term Bullish, but not now #Bitcoin' chart, "#Bitcoin may need to "die" just one more time, so that it can live forever." twitter.com/VinnyLingham/status/875160374487597056
The "death of bitcoin" will signal the next great buying opportunity.
This is a possibility to the down-side right now. Keep in mind several forks are highly likely in 2 weeks! We can't predict what that means for price action. However, with Elliott Wave as tool and idea of where sentiment is right now and how a significant fork might affect sentiment, calling for a significant decline - in wave 3 fashion - after a series of 1-2 waves is completely in the realm of possibility and now I'm considering it as highly likely. Additionally, it fits right into my big picture count that I've stuck to trying my best to remain objective and not allow for (bullish) bias.
Going back to my message at the top, with more of the big picture developed, it possible to count the sideways movement during 2015 as a series of 1-2 waves developing for a HUGE rally. (See 'Entertaining the Bull' chart linked below in related ideas.) At the time, I thought that was too bullish too soon... lesson learned. Whichever count ends up to true, five waves at high degree are complete (or nearly complete if the triangle interpretation wins and a return to the 100-300 level is what the wave counts suggest. We are at the top of 'The Arithmetic Bull vs The Log Bear'.
Quoting once again from my 'Long-term Bullish, but not now #Bitcoin' chart, "#Bitcoin may need to "die" just one more time, so that it can live forever." twitter.com/VinnyLingham/status/875160374487597056
The "death of bitcoin" will signal the next great buying opportunity.
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