Looks like we have completed a consolidation and are now looking at making a play towards the highs again. Volume will determine where this play ultimately takes us.
The current local leg 2 is invalid, mate. Take a look at the price chart on Bitfinex. The price fell deeper there. Deeper then big leg 4 ending. And even if you count the wave from 287 to 345 as a leg 1, it hasn't retraced enough for completing leg 2. Either local leg 1 is still in progress, or the the big leg 4 is not over yet. It may be now the B leg of an ABC retrace from 395 to 240-260 buy zone.
pato
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@dmartynenko, let me have a look on bitfinex. thanks for that
pato
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@dmartynenko, Dipping for a C wave to complete an ABC would mean that the entire 1,2,3,4-5 structure is void. I don't think we are going to go down below the current low. but I do agree that we could still be completing a 1st wave and then could consolidate for a 2nd before we keep chasing higher prices.