BTCUSD - It's Intermediate & Long Term Price Expectation by DanV on TradingView.com
5 January 2014
Just over a week ago I posted a weekly chart.
It was to suggest that we are in a correction phase namely wave (iv). That was not to say short immediately. However, possible 850-950 zone to see if expected short materialise. There were 2 short attempts I called out live both resulted in scratch trade. Is that demonstrating that I am wrong? Well it depends on your view and time frame for your trading, ie 5, 15, 60 min charts etc.
So whilst both of those did not have follow through, no real harm suffered. The main short trade is becoming very interesting from my point of view. But accept that we may head higher first before that short will develop, but worth tracking. During this time we could top around 1150 - 1205 or even make a new high. In the case of retest we could have massive double top and if we make new high it might turn out to be a false break and the expected short will develop and the decline will be in 5 waves, as we see Flat Correction in the form of 3-3-5 as details in the chart.
This chart is not to replace the earlier chart but to provide update incorporating subsequent price action.
That is my interpretation and if you wish to explore further there is a link to the recording of live session explaining it.
Excuse the quality of recording due to technical issues but should provide background details.