Bitcoin Elliott Wave timeline - How long will this correction last?
In my previous post I indicated that we appear to have begun the primary wave 4 correction. If this is the accurate wave count, we can expect this correction to last at least 2 and a half months. At the earliest, we'd see the up trend resume around the middle of November.
This expectation is based on the length of the corrections of the intermediate waves of primary wave 3. The longest intermediate wave correction was 2.5 months. Since this correction is of one larger degree, primary, it should be at least as long as the longest correction of one smaller degree, intermediate.
As you can see in the chart, intermediate wave 2 lasted for approximately 2.5 months.
Does this mean we won't have rallies until November? Absolutely not. Prices won't move in a straight line down. They fall too fast and then rally higher before resuming the down trend.
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If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.
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Watch out, Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal https://www.bloomberg.com/news/articles/2017-09-04/china-central-bank-says-initial-coin-offerings-are-illegal
The news may push the markets around a bit, but ultimately they are going to go where they were going to go.
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