Bitcoin Elliott Wave Update - is it time to brace for another strong selloff?

Given the strong selloff that happened yesterday, and more in-depth analysis of the waves, it looks like the update wave count from my previous post is the most probable wave count.

This wave count portends another, likely deeper, selloff coming very soon. We've completed minuette wave (ii) of minute wave [iii] and are beginning to trace out the first few 5-wave declines of lower degree which are part of minuette wave (iii).

This decline, being a third (minuette) of a third (minute) of a third (c wave) should be ruthless once it gets underway. A normal wave three would travel 1.618% of the corresponding wave 1, which suggests that minuette wave (iii) could carry prices to $3462. From there, we'll still need to complete minute wave [iii] via minuette wave (v). Again, a 1.618% normal wave three suggests that minute wave [iii] should carry down to $3079.

There are a few other interpretations to this wave count, but this appears to be the most likely at this point. I'll post updates as things progress.

While a rally above $4379 wouldn't invalidate this count, it may mean minuette wave (ii) is still underway and developing more complexity. A rally above $4679 would invalidate this count.

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If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.

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I am not a financial advisor. Be sure to do your own research.