This study analyzes the path of Egypt’s January 25 Revolution and its missed opportunity for regime change. In making this case the paper begins by examining the early conflict between political parties, and the role of the former regime’s armed forces in lending legitimacy to different actors. The study also addresses the structure - or lack thereof - of the transitional phase, including the role of the Islamist movement, and the predicament that the Muslim Brotherhood faced while in power. Continuing to trace the path of the stymied revolution, this paper assesses the failures, in particular of the political parties that “inherited” the young revolutionary generation, to comprehend the meaning of the transitional phase. As such, it shows how these parties failed to make progress towards democracy, and to understand the role assigned to them immediately after the January events. The study reasserts the meaning of the terms “revolution” and “coup,” exposing the ongoing confusion around the characterization of what happened in the post-transition phase in July 2013. It also analyzes the efforts of counterrevolutionary forces to pit the “legitimacy of the street” against the “legitimacy of the people.” The paper finally comes to forecast the direction the Egyptian revolution might take, given the July 3rd ouster of Mohamed Morsi, and the events that followed.