EDIT: Definitely was too early, but the Bullish identification of the pattern still exists as a Bullish Bat as shown below. I believe we are due for another wave to finish off a bullish 3-drive scenario. Otherwise, top will be in around $730 once the rally begins... and we aren't there yet (8k BTC swaps 20/08/14).
It might be too early to call this, but I do believe we have a winner here! Explanation is in the chart.
The blue note icon isn't showing its text... :( "If we fail to reach the green circle area after the rally to B, then we will most assuredly follow the three dives pattern shown here."
3-Drives pattern would basically be a complete fractal of our DEC 2013 rally.
Update (17/08/14): So we're still wavering here... gathering BTC swap steam for our explosive ride. Look for about 9k+ in swaps before someone decides to test the waters. bfxdata.com/combined/btc.php
So we failed to bounce above, but redrawing the location of the beginning of the rally can easily correct this. 3 impulse drives and a 4th B wave can explain away the extra depth. If we have another then we can just assume its an impulse extension. I so wish my fiat wasn't locked up in LTC right now.... heh... i should post an update with LTC.