Bitcoin relentless...
I predict $2000 within next month.

Sometimes a forecast goes wrong. That's a given> However an alternate bullish count has kicked in.

Also, give me credit for insisting that Bitcoin would rise beyond the previous high of $19,000, just that Elliott Corrections can be difficult to count especially when a correction does not reach a normal retracement level.

Jon Jones, would you advice your kid to stop going to school if he brought home a bad report card? Mnandii should instead strive to up his skills, me thinks..

@mnandii, just curious. Have any of your past charts come true? Say from 6 months ago?

For Bitcoin, you recall the bottom at $3060 ? It is a forecast I made in this very thread (look for it). It worked wonders and Bitcoin soared to past $13,000. It was unique (as is always the case with bottoms and tops) since every single wazuan here was predicting the collapse of Bitcoin.

I have made several other unique forecasts on wazua the biggest being alerting wazuans to the top in stocks (NSE 20 Share Index) when the index was at about 6000 points. Check the thread on Elliott Wave Analsys of the NSE 20. There also fundamentalists were taken by surprise, they remained bullish even in the wake of the NSE shedding and haemorrhaging several points. I predicted the index would go below 2500, no one believed! It is only recently that the ever bullish forecasters had a change of heart and interestingly are now calling for the index to collapse below 1000! The herd is ALWAYS wrong at major turns in the markets and economists have a perfect record of ever making wrong predictions just when a market is about to change direction. This is always the case because in the Financial markets people herd - they are always looking for others with opinions similar to theirs. This is all in the sub -conscious so these people never really understand the dynamics of what is happening in their brains.

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I have also made stellar predictions on Safaricom using Elliott Waves as well as in Forex which is what occupies most of my time.

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Now, there are instances where I have been wrong too but that does not mean that Elliott Wave Principle is wrong. It merely portrays instances where MY preferred Elliott Wave Count is wrong and I should have gone with an alternate view.

Now, it is important to research yourself. Study, learn, question and you'll get that Elliott waves is the only path of the market. It is not some crazy theory but it is based on science. Science requires that you take a hard, cold look at facts to come to a conclusion. Like most people here I started off trying to forecast using news, what most call fundamentals. I then tried technical analysis and ended up at some funny sounding analysis from Wykoff (not sure of the spelling) which merely insisted that the market is rigged against you! And his form of analysis was supposed to expose the techniques that smart money uses to get ahead of the rest (dumb money). This is sacrilegious! The market reveals very fundamental issues of human nature which R.N. Elliott discovered. Unfortunately the majority will never get to understand it. This is the very reason you hear statistics that over 90% of speculators loose money. They loose because they herd. The herd can never learn. Because humans herd, they produce predictable patterns in the market. This is what Elliott is all about.

Instead of taking a long route trying to discover the nature of the markets, you could shorten the journey by learning from Elliott Wave practitioners who have come to fully grasp reality as it is.

He is only right once in five attempts. You would make more money tossing a coin. His chosen method of technical analysis (Elliot Waves) is very subjective. You can easily find five traders using Elliot Waves on the same chart and same time frame and they count the waves in totally different ways. What's worse is that each trader will believe that his wave count is correct. I have nothing against Mnadii and I actually think he means well with his posts. However, I wonder whether he trades his own money professionally because his bad calls are too many due to over-reliance on a subjective method.

To Mnadii...Elliot Waves are a voodoo science. The fact that three professional traders using the same chart on the same time frame can count the waves differently means that your method is largely unreliable. Peace.

I have noticed that you are very much against us technical wazuans. Its understandable when you have a shallow well of knowledge to draw from. And your type never learns - you are only wasting precious time for the very few who are seeking true knowledge here. I know these comments will not stop you busting forth in even more verbal (written?) diarrhoea but I am certain the smart ones will ignore you and continue their journey of knowledge. After all ever market place has a mad man.

I am not against technical analysis. I actually use it when trading. I also don't understand why you are butthurt. I simply exposed how your chosen approach (Elliot Waves) is extremely unreliable and gave solid evidence e.g you and Alessio Rastani used Elliot Waves on the same chart and arrived at different wave counts. Obviously, you don't like constructive criticism even when confronted with solid evidence. Calling me "shallow" because of pointing out an obvious flaw in your approach won't stop you from making bad calls on the regular. From where I am standing, you are the one who isn't willing to learn. Don't shoot the messenger. Adapt and learn.

Heads Up On Bitcoin. An alternate wave count.



The recent Bitcoin peak at $11,900 could be the completion of wave (1) from the $3791 low. If so then we should expect a much deeper wave (2) retracement below $10,000. A significantly lower OPEN on Monday 10th August would suggest this is the case.
NB> The wave labels as depicted here is our working possibility which suggests Bitcoin is immediately bullish.
The OPEN will help us eliminate one count.