BTC showed a significant correction after its ATH and has been moving sideways since then, showing no immediate signs of recovery. The wave pattern exhibits a typical correction phase, resembling a double—or triple-top pattern or a descending channel.
In Elliott Wave counting, complex corrections are not the first choice. One should always look for simpler forms, especially as the timeframe gets higher. Nevertheless, I find the Triple Zigzag (or Triple Three) WXYXZ fits well with the current price action here. The overall shape of the WXYXZ is self-explanatory from the chart. The issue lies with the second X wave, for which I have assumed a running flat. Initially, I considered a diagonal, but this (c) wave looks impulsive. While it could be counted as a zigzag, the c wave is too large compared to (a) and (b). However, if the running flat, where (b) surpasses the highs and lows of (a), and (c) doesn't need to reach pivot (b), is applied, it might satisfy the requirements of this X wave.
As everyone acknowledges, the Fibonacci retracement of 0.618-0.65 is a strong support level, and past candlesticks have established levels there. The 50k level also holds significant psychological importance.
Additionally, as illustrated in the chart, reaching the 0.618-0.65 level in the last week of May creates symmetry with the diagonal channel, making it seem a natural development. However, in the WXYXZ scenario, the correction could be shallower.
I want BTC to drop further so I can buy it at a lower price. Don't you think the same? So, when many retail investors share this view, the whales might not allow it.