Following my last "serious" analysis on BITCOIN (see Where are we?) on which I indicated a more than possible Zig-Zag (5-3-5) correction on going, it is also evident that whole Total crypto market cap is also following the same corrective pattern.
According Elliot-wave theory, a 5-3-5 Zig-Zag correction is composed by:
The most important point now is to understand that, according EW theory, C-Wave, composed by 5 descending subwaves, MUST go at least slightly beyond the wave A and also, the price of wave C must be at least 61.8% of the price ride of wave A, added at the end of B; and a maximum of 161.8% of the price path of wave A, added at the end of A (which would be DRAMATIC).
So, as I said, the Total Market cap is following the ZIG-ZAG path and we can see we are in the building of the 3rd leg of 5 subwaves down.
If we follow the "instructions" listed above and we add the total ride length of wave A to the end of wave B, this will bring us to see the area of the 1 trillion as a likely ground to land.
What happens after this and, as long as these 5 remaining subwaves are not of an explosive and dramatic nature, it can be either the end of the correction and so the resume of the awaited uptrend that we all hope or the beginning of a more complex correction in the form of a double or triple zig zag or even double or triple three.
This is the overall plan, based on which I day trade, since it gives me a general situation of the market status...is this aligned with your view of the market?
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
@toofasteddie