jack_denaut
Short

Bitcoin's Correction: A Trail of Warning Signs for Stocks

DJ:DJI   Dow Jones Industrial Average
Bitcoin             vs Dow Jones Industrial Average            

BTC's Parabolic Move: 2+ Years
DJI's Parabolic move: 30+ Years

BTC's Correction: 70%+
DJI's Correction: 70%+?????

Is Bitcoin             showing us where stocks are heading?
Kommentar: Update: THIS IS NOT THE BOTTOM.
There are numerous opinions out there, I'm sure most are trying to figure out what to do on Monday.

To those calling for a stock market bottom here.. ignore them, and never listen to their "market bottom predictions" ever again... ever. They are wrong If someone gives you financial advise on a particular topic and turns out to be wrong, never listen to that persons advice on that particular topic ever again. their opinion is invalid.

https://www.cnbc.com/2018/02/06/art-cashin-in-my-50-years-experience-stock-market-is-bottoming-out.html


Corrective Elliot Wave Rule:
"An initial 5-wave move against the larger trend is never the end of the correction, only a part of it."

Chart of the initial 5-wave move against the larger trend:
snapshot
Kommentar: What is most likely to occur but STILL NEEDS CONFIRMATION:

An A-B-C corrective bounce to take place over the next few days followed by another 5-wave correction.

Quick sketch of the potential shape of this sell off. The prices are NOT accurate on this chart.
snapshot
BTC is 370% above its 200 MA
Dow was 2.5% in the Friday low.

Correlation doesn't equal causation.
Antworten
@ricsalrod, Agreed. Nonetheless, a parabolic uptrend has limited options to explore on the way down. A parabolic move up ends with a parabolic correction down.
Antworten
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