SUMMARY

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On the short term microwave counts, Bitcoin (BTC) has completed the initial five wave up (white) since price broke out of the ending diagonal. What happens after a five wave impulse sequence? There is a requisite correction. The is likely what's occurring currently with price declining so far to the 0.38 Fib level. The 0.618 and 0.786 levels are circled in blue since likely the correction will target those as the favored Fib zones. From a pattern perspective, a downward wedge looks probable.

I've conisitently stated that a real confirmation of a trend reversal is when there are two rounds of an impulse. We've just recently completed the first and after this very minor correction; a secound round of impulse as shown by the purple wave labels would be most ideal. The purple wave 5 should well exceed the $7,600 level. Why this level?

From the longer term perspective, the bull flag is still in play. The white arrow shows that the top white trendline needs to be breached to confirm the bull flag play. The leve that needs to be breached is currently at around $7,600 or so; and the second round of impulse should enable a decisive breach.

On a near daily scale, the bull wedge and the Cup & Handle potential still remain valid and in progress. However, there might be a potential for a second rounded price formation. IF that is the case, the basin phase might occur (blue rectangle) as it did for the first fractal. This should allow the MACD to wiggle a bit more closer to the apex.

Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.

Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?

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