Is Bitcoin in an Elliott Wave Triangle, awaiting a breakout?

Bitcoin had an eye catching violent drop from 19,700 to 10,600. Since this, we've seen the continuation of correction move from an Elliott Wave Zig-Zag (ABC) to potential Elliott Wave Triangle (ABCDE). Chart Below.

You might ask, what's a zig-zag, what's a yo-yo, and what does a 3-sided shape have to do with trading?

In Elliott Wave, corrections have many different types. Zig-zags are one of the most common and they occur in an ABC manner, with the subwaves being 5-3-5. Chart below:

In a zig-zag, wave C must be a minimum of 100% distance traveled in wave A. So if BTC was in a zig-zag, we should have seen a move down to the 8,500-9,000 area.

Instead, we're seeing the range narrow and the beginning of a textbook 3-3-3-3-5 triangle structure starting to form. This is very common in 4th wave corrections which usually correct in terms of time, more than they correct in terms of price.

The chart for an Elliott Wave triangle pattern is below:

The next week of price action will confirm or deny this potential. Where do you think Bitcoin heads next?

If you're new to Elliott Wave, it can be a great way to track market trends. Basically, what it does is tracks market psychology including euphoria and fear. Since humans trade markets; I'd estimate 90% of price action is actually due to the emotions of traders, vs the fundamentals of the underlying.

I'll try to post some more updates, but I've been busy watching S&P. If you have any questions you'd like answered just drop them below and I'll do my best to answer or post about them.

DISCLAIMER: This is not a trading recommendation. Markets--especially crypto--have violent price action and risk. Conduct your own analysis, make your own trades for your own reasons, and most importantly assume your own risk. NOT THIS! As with any asset, you could lose everything. So only ever risk what you're willing to lose.