This is the most important pattern (hint) the market has produced: an expanding leading diagonal. Leading diagonals appear in wave one of an impulse wave. With this knowledge, we can assume the bull market has started on Jan 14, 2015 and the first and second waves have completed so far. This is a stealth bull market because price action appears to go sideways with a few "random" spikes to the casual observer. I couldn't even recognise this expanding diagonal looking at the charts from BITSTAMP or BITFINEX. Since this is an impulse wave (5 waves), what comes next is wave three, four and wave five. The cleanest pattern I have found is on this chart by BTCCHINA. Other exchanges such as BITFINEX, BITSTAMP, BTCE were all distorted beyond recognition (overshooting or undershooting at critical levels) and are mostly useless garbage to the elliott wave analyst.
Note, this isn't a correction (ie X wave up) because the duration is much too long for a smaller degree intermediate wave A (if A was a diagonal for example) as compared to any of the larger degree primary waves from the past bear market: W, X, or Y
Note, this isn't a correction (ie X wave up) because the duration is much too long for a smaller degree intermediate wave A (if A was a diagonal for example) as compared to any of the larger degree primary waves from the past bear market: W, X, or Y