Elaborating on BTC's Falling Wedge Idea

Been playing around with fib ratios and think we might be working towards something like this to complete our (c) of B. We turned around from our bottom last night/this morning with 5-waves up on the micro. Based on that, I think we could make a run for $8700. I believe we still need one more wave down to complete this corrective leg before getting some bullish momentum again. $8700 target on way up. $7500-$7100 target after that. If we fall short of the upper trend line, then expect wave 5 down to do the same. We could double bottom here or not make a new low at all.

Immediate sentiment is bullish, up to $8700. Stop loss $7900. If we break out of the wedge on substantial volume, I would consider this corrective phase over for the time being.

Comment:

Upon further inspection I still see this as a potential outcome, but am leaning more towards immediately bearish. If we see a break above $8400 on volume than this idea is where I see it heading, otherwise I think we will start wave 5 downwards towards $7400-$7275.