Wave 3 of 3 of C of 2, and maybe truncated 5th to start 4 of C?

BINANCE:BTCUSDT   Bitcoin / TetherUS
It looks like we might now be on the third subwave of wave 3 of C of this correction, assuming it is an ABC correction for wave 2 of the higher degree uptrend. If so, we should see a strong bounce around 7800 and then sideways for a while for wave 4, before continuing on to wave 5.

I think we might see a truncated 5th on this current 3rd wave down to start wave 4 on the higher degree. BTC seems to like truncated 5ths lately, and this would bring wave 3 of C to 1.618 of wave 1 of C.

I'm new to Elliot Wave analysis so excuse my ineptitude and please let me know if you notice any formation rules or guidelines I am overlooking here. Thanks!

I've been making new ideas to update my outlook as this correction has proceeded, and I've linked my old ones. Some of them have been off by a bit but the overall trend seems to be holding.

I'm short until at least 7800 and then cautiously waiting to see how far we go past there.


Here's an alternative count:

评论: Looks like wave 4 has started and possibly ended. It barely touched .318 retracement of wave 3 and then bounced off .236.

Wave 3 stopped just above 1.618 of wave 1, so assuming this is a wave 4 we are currently in, fib projection targets for wave 5 correlate with previous support levels and Elliot Channels.

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