It looks like we're in the middle of a short term bounce that is sub-minuette wave iv. Wave ii was a shallow retracement. Given Elliott's alternation guideline, I'm expecting this to be a sharp retracement. A 61.8% retracement would take us back near the $3674 level for the completion of sub-minuette wave iv. From there, given this count, we can expect another sharp move to the downside to complete sub-minuette wave v as well as minuette wave (iii).  A rally above $3720 would invalidate this count. --- If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments. If you find this information insightful, please **UPVOTE**, _RESTEEM_, **FOLLOW** and consider a donation:  Donate ETH: `0x4f007Ca89120bFae6413987DF59b18403f181e9E` I am not a financial advisor. Be sure to do your own research.
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| author | stocks29 |
| permlink | bitcoin-elliott-wave-update-short-term-bounce-before-the-bear-continues |
| category | bitcoin |
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| created | 2017-09-15 01:54:45 |
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We won't see $3700 or above the next 24 hours
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| author | geneeverett |
| permlink | re-stocks29-bitcoin-elliott-wave-update-short-term-bounce-before-the-bear-continues-20170915t015541817z |
| category | bitcoin |
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Given the current wave count, I agree. If we see prices go above $3720, then we know this count needs to be revised :) That said, I do think a sharp retracement is in order. Since the market tries to hurt the most people, if we get a sharp upward retracement, many will jump back on the bull wagon, thinking we've hit bottom, only to get crushed in the next down swing.
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| permlink | re-geneeverett-re-stocks29-bitcoin-elliott-wave-update-short-term-bounce-before-the-bear-continues-20170915t015937659z |
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This is so true. I have learned to be patient with it. Nothing goes down or up straight. I see so many people in forums saying buy now buy now just to burn others. Happens all the time. I think we will see lower lows now. if more exchanges decide to shut down in china it will add to the lows.
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