BTC possible scenario for correction, target = $8500

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Possible count for this short term correction. target $8500

Wave A completed a five wave impulse wave. Wave B completed a 5-3-5 zig-zag correction of wave A, ending just above the .786 level, supporting the guideline that wave B in a zigzag usually retraces 38-79% of wave A. Wave C currently in play, expected to break down into a five wave impulse wave.

A possible target for the end of wave C is $8500. This is a 1:1 extension of wave A, also having taken a fib retracement of the motive wave from $6400-$9766, $8500 is the .382 fib reatracement level, confirming the likelihood of this target for the end of wave C.

i would suggest a protective stop at the high of wave B ($9565) a move above this price would invalidate this scenario

Would welcome any opinions for alternative scenarios in the comments

Do not take this as investment advice, this is just my opinion of a possible count.


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