My analysis shows less downside potential, but it requires PA to drop below 800 again.
The triangle must still complete waves "d" and "e". Wave "d" can go much higher than shown - all the way to 850 perhaps - and then PA must come down in wave "e" to complete the triangle below 800 and at the red vertical line showing the apex of the triangle TLs (green). If wave "d" completes higher than the upper TL then of course the triangle apex will move further into the future.
The main thing I'm seeing is a narrowing range of price movement and so, logically, I conclude that it will continue making a narrower range until it pulls lower in wave "e" and catapults up into low orbit!
However, should KO be correct about that low 700s (or even 600s) target then that will be an even better outcome because we can buy more tulips down there at lower prices. It's just about getting the hedge away before one's long position losses threaten your account. But with BTC-e it's easy to build a hedge position (like you would a regular position) - for me the hard part is always to remember that it is a hedge and not a short trade - else the temptation to close it for profit is too great which tends to backfire and mess up the whole strategy!
http://ubuntuone.com/3yUSBmswr6ljeqh8mo4kx6
The triangle must still complete waves "d" and "e". Wave "d" can go much higher than shown - all the way to 850 perhaps - and then PA must come down in wave "e" to complete the triangle below 800 and at the red vertical line showing the apex of the triangle TLs (green). If wave "d" completes higher than the upper TL then of course the triangle apex will move further into the future.
The main thing I'm seeing is a narrowing range of price movement and so, logically, I conclude that it will continue making a narrower range until it pulls lower in wave "e" and catapults up into low orbit!
However, should KO be correct about that low 700s (or even 600s) target then that will be an even better outcome because we can buy more tulips down there at lower prices. It's just about getting the hedge away before one's long position losses threaten your account. But with BTC-e it's easy to build a hedge position (like you would a regular position) - for me the hard part is always to remember that it is a hedge and not a short trade - else the temptation to close it for profit is too great which tends to backfire and mess up the whole strategy!
http://ubuntuone.com/3yUSBmswr6ljeqh8mo4kx6
cryptocurrency everytime
Save it to your desk top. Open it & ZOOM in. you should be able to see where I took the Fib's from...Dotted red lines.
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