Bitcoin Elliott Wave Update - Evidence this correction may be nearing completion
With recent developments in the price action, I have reason to believe that we may be very near the end of the current correction. It is apparent that a "running triangle" has been forming over the past few days which initially was quite confusing to identify, but has since become much more clear.
If you're not familiar with a running triangle, the defining characteristic which makes it different from other triangles is that wave b extends beyond the beginning of wave a.
You can read all about the rules for triangles but the short of it is that triangles rarely appear in the second wave position which means this triangle is likely the (b) wave of an abc correction. Given this new development, I'm anticipating that once subminuette wave e is complete, prices will break down out of the triangle which will be minuette wave (c) and are likely to carry to the $3700-$3800 level.
Given this new development, I've adjust the overall wave count to respect it. This breakdown should complete minuette wave (c), minute wave [y], minor wave Y and possibly intermediate wave (2) as well. It's possible that intermediate wave (2) will develop further complexity in the form of another minor wave X and then minor wave Z. We'll keep watching for further developments.
In any case, after minor wave Y completes, we can expect an upward thrust, which will either be minor wave X or the beginnings of intermediate wave (3).
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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Thank you. Could you please elaborate what (a), (b) (c) waves mean? If that's the EW retracement, why are there 3 ABC subsequent higher-order waves without 5-part waves in between?
Yes, that is correct, all of these abc waves are part of an EW correction. The reason they are not interspersed with 5-wave impulse waves is because they are part of a complex correction known as a double-three. In this case, more specifically, a double zigzag (pictured below).
From a high level, a double zigzag is a 3 wave move, but because it is composed of 3 wave moves instead of 5 wave moves, the overall structure is labeled wxy(xz if it extends further) instead of abc.
Complex corrections can take shapes other than a double zigzag as well, but a double zigzag appears to be what is taking shape here.
Let me know if you have any other questions about this :)
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