ApexBull

Bitcoin - Elliott Wave Count - UPSIDE CORRECTION THEN MORE DOWN

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BITFINEX:BTCUSD   Bitcoin
We have finished a major wave at 65K and have been correcting ever since. We've corrected in 5 waves as opposed to 3, which is telling me a few things.
1. 5 wave is a leading move so the OVERALL correction is still not over.
2. 5 wave down forms wave A - and its still not might be over, might have a little more downside in it as wave 5 usually equals wave 1 in such scenarios and we are half that - meaning we can easily get to 25K before upside reversal (corrective wave B).
3. After 5 waves down which is the wave A. comes a wave B a corrective wave in the sequence which is then followed by C >>> and now the important part >>> ALL OF THIS CAN TAKE ANOTHER 6-9 MONTHS TO DEVELOP AND PLAY OUT so prepare for a choppy, deceiving price action which will often not have follow throughs.

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