DislikedBTC-e H4 i didn't post this chart with it's Bitstamp companion chart earlier today - this one has labels which explains the current exhuberant upmove - correction confused for a rally... Indicators are overbought in every timeframe from 5min to daily. Divergence is compound and pervasive. I expected the downtrend to be staggered and gradual, but this reckless move up means the drop will be a real shocker... the current PA up from 440 should be wiped out by a single hourly candle. The purple target at 220 is the lowest this wave 5 could go if the...Ignored
I agree with that. We are having a five structure at different degree here. This is either the C wave of the B you mention on your chart. Or this the wave i of 3 of an advance as emptymind said.
Either way, their is five wave in now, so this will correct soon. 460 <stamp> if it's the beginning of wave 3 and 380 to 340 if it's a wave B.
Because I'm not convince by the previous structure as a wave 1 and wave 2, I stick with plan B (wave)
In both case scenario this sharp move was more than necessary.