Haven't updated since the wave (A) low when I showed what I believe to be the roadmaps for BTC and LTC. So far so good as BTC continues to channel nicely. I'm looking to stay long unless either the lower channel trend line is breached or until BTC reaches the 61.8% retracement level where I'll begin to unload my longs and be out completely by the 78.6% level. I'll remain in cash until either a new high is made in which case I'll go long again, or until I believe the bottom to the pullback is in should it sell off.
It's still possible for BTC to retrace to 8,200 and 9,500 since it would be a 61.8% Fib retracement to then extend up to $15,000.
alphahorn
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@YardleyRosette, that's far more likely if the bottom is in. if we had a leading diagonal, then there won't be any major pullbacks along the way to 78.6%
@alphahorn, You mean It's more likely if the low is established? Leading diagonal is still developing, therefore the theory would support the case that no major pullbacks should occur?