Long Term Update: MtGox

Despite the fact that btc/usd has broken my long term downtrend line the overall picture remains weak. We could have seen the first shy attempt of a major trend reversal but it’s not enough, for who has experience of elliott wave analisys we have all the major waves inherent to a long term investment horizon pointing down (primary, intermediate and minor wave degrees).  The indications i’m giving in this update apply to longer term investors for a price moves of possibly 30% or more, since Primary, Intermediate and Minor Wave degrees are all DOWN. The most certain price target is the target of the Minor wave degree, which is in wave 3, at 14.2$, normally also the target of the next higher wave degree could be reached at 13.6$, which is in wave 2.

Instead, looking for a possible target for the Primary time frame , we are in a wave 3 and the first target is at 11.80$.

It’s a good sign that all these targets are above the long term static support placed at 9$.

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3 thoughts on “Long Term Update: MtGox

  1. bill

    I think that unless the market recovers today from its current lows we are going to see a bigger than anticipated correction, maybe all the way to 11$. It’s down over 7% right now since yesterday high at 15.20. Usually this type of sell off signals the beginning of a larger correction. I think that this is a new market, without the media hype which ended June 9 this type of corrections should be considered normal within a bull market.

  2. geek88

    Enky you make some excellent points about elliott wave. I try to keep an open mind and neutral bias in my own work, it has allowed me to make some good market directional calls in the past two months. Keep up the excellent work. Thanks for the update.
    Which software do you use to do ewave analisys?

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