Examining pennant & flat correction possibility

In the previous ideas, we examined bearish possibilities.

BTC 1H Short-trading idea

Going to form a Bearish Flat?

BTC in compression

Where is the top of the Inverse H&S-like structure?

Although arguably BTC is in compression, the bearish movement will likely resume - let's check this hypothesis.

I laid out a tapering pennant to measure the price conversatio.
This analysis is coherent with the above scenarios.
So we may have a short position from around 17390, or we could make entry at 17200, 17400-17650, while recommended SL is over 17800 (manage your own risk).

(i) Corrective Wave of Elliott wave theory
Although there are a variety of corrective waves in EW theory, the bearish expanded flat would fit most appropriately for our presupposition.
A flat correction wave comprises three waves, having 3, 3, and 5 minor wave structures, respectively.

Wave A was a triangle that corrected to the upside, and wave B was a typical zigzag with a steep decline.
Then wave C. We have seen substantially equalized two waves, implying a subsequent similar movement to form a triangle with five minor waves.

(ii) Examining the current formation
Let's look at the chart.
Waves B and C shaped a beautiful Anti-Gartley. If this holds, the upside is limited; around 17200 would be the ceiling.
This is convenient for triangles that often exhibit "failure" in Elliott's sense, which means failure to establish HH at the end of the fifth wave.
On the other side, pennants see fakeouts, not unusually. If this is the case, a new high of 17400-17650 would be marked.

A bearish flat setup as above is complete if the price turns around at either high.
Flat correction (in Elliott's sense) is a robust directional movement often comparable with progressive waves.

Comment:

This idea has been updated. Thanks for your interest.