Bitcoin Elliott Wave - Revised Wave Count

With the invalidation of the previous wave count, I'm moving to a new wave count. This count is much more bullish in the intermediate term, but still bearish in the short term.

This count shows that the orthodox top of minor wave 1 of intermediate wave (5) occurred on 8/17. From that point, the market has been working on an irregular top which is minor wave 2 of intermediate wave (5).

Within minor wave 2, we've traced out a minute [w], [x] and are working on a minute wave [y] right now. Within minute wave [y], we're currently nearing the end of minuette wave (x) which has almost retraced by 61.8% already. I expect minuette wave (x) to complete very soon at which point we'll have one more strong downward thrust which should take us to somewhere around the $3600 level. That should mark the end of minute wave [y].

From the end of minute way [y] the market has a few options.

The bearish option is that the market could continue the correction with another minute [x] wave taking prices higher before finally producing a minute [z] wave ultimately taking prices lower again.

The bullish option is that the end of minute wave [y] will mark the end of minor wave 2 and the beginning of minor wave 3 which will take btc/usd to new highs, above $5000.

It's going to be a very interesting next few days and weeks.

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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.