ALWAYS BET ON BLACK - Update 27FIBONACCI AND ELLIOT WAVE - FACT OR FICTION? YOU DECIDE!Before you dig into this report please watch these two videos:This one is a must see:If you are interested in trading this is a very good one:So the market has been trending down and finally today I had enough time to try to find the Eliot Waves to try to predict the next move, or to try to spot a new upward trend. I don’t have a lot of experience with Eliot Waves but l was able to find the following waves which seem to follow (most of) the Eliot wave rules for a down trend:1. Typical five waves down and three waves up 2. Waves 1, 3, 5 are downtrend and waves 2, 4 are up trends 3. Wave 3 cannot be the shortestNote that the first bull wave 1 through five follows exactly all of the Eliot Wave rules forming a perfect example for waves 1 though 5.We can see that right after wave 5 the retracement was at the 61.8% but the subsequent waves did not confirm a continuation of the up-trend. Therefore I drew a new possible 5 wave downtrend. These waves did not follow some of the rules but I drew them anyway.Click on image for full sizeNote that this first 5 waves in downtrend were followed by the expected A-B-C rebound, confirming the trend. The next 5 waves in downtrend continued and ended in A which it was not very clear as to what type of it was.So I zoomed in to the 5 min chart to see if I could be a new wave trend at the endClick on image for full sizeIn this portion of the trend I could identify four more downward waves and fifth wave was yet to be confirmed. By the time I had finished doing the graph the wave 5 had taken the price down to new lows!Notice on the next graph if you use the Fib Extension tool on wave 4 you would have two possible target prices, one at 25.3K and a second at 24.3KClick on image for full sizeThe price actually reached 24.64K. So remember that you can predict the next wave move using Fib Extension of the previous wave.Sometimes it is difficult to find the Elitot Waves but there are many times when these waves can be clearly identified. Use the different time scales to look for these waves.So it is late now and I must go to sleep! I leave you with this last image. Is this the beginning of 5 wave uptrend? Click on image for full sizeBuy-BlackThe following two tabs change content below.BioLatest PostsBuy-BlackLatest posts by Buy-Black (see all) ALWAYS BET ON BLACK - Update 33 - May 25, 2014 ALWAYS BET ON BLACK - Update 32 - May 24, 2014 ALWAYS BET ON BLACK - Update 31 - May 16, 2014 May 2, 2014 by Buy-Black 1 comment 2081 viewson Technical Analysis by buy-blackShare this post Facebook Twitter Google plus Pinterest Linkedin Mail this article Print this articleTags: Blackcoin Eliot Wave analysis
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