My current preferred count, is that BTC remains in Wave IV, a Flat pattern, which is in lesser degree wave 1 of 5 of C of IV. At a macro level, Flats occur and take a wave count 3-3-5. (3 waves to reach A, 3 waves to reach B, and 5 waves to terminate at C, all of which can be broken down and are composed of sub-waves in a manner.) The Wave IV preference is guided by the Alternation Guideline and the Time Duration appropriate to this degree of correction represented by Wave IV.
Under the theory of a continuing Wave IV, my current preferred count in in Blue. The emerging pattern for Wave 1 of 5 of C of IV, is an declining or falling, expanding triangle, with 4 of 5 legs completed. Alternate to this remains the impulse or motive push downward to retest the former lows at 1840.
The run from 1840 to 2938
The larger correction post-2938 high.
From 2400 back up to 2825.
Under Blue, it depends where E occurs. If BTC bounces off E, and E is as low as 1800-1925 then Wave IV is likely is over. It is a retest of the Wave A of C of IV lows. BTC is then on its way to Wave V, most likely.
If E is not reached, say BTC drops to 2140 in a 5 wave motive impulse, does not touch E (expanding triangle line), and does an ABC corrective wave, then resumes dropping, then BTC is back on the impulse path to IV, and waves 3 & 4 of C of IV are done, and BTC is looking for 5 of C of IV. Which may also be a retest of A of C of IV, in the neighborhood of 1850-1900.