My preferred count for this correction is still an ABC zigzag with the C-wave being an ending diagonal. The main problem with this count is that the last wave 5 of the ending diagonal is taking too long. Ending diagonals are reversal patterns, they display exhaustion signs of the trend. Therefore they miss the strength for an internal structure of 5 waves (meaning each motive wave subdivides into regular 5 wave impulses) but are in stead build from 3 waves; 3 waves that, in addition, overlap.
When we look at the internal structure of the ending diagonal on the daily chart, with some imagination, we can see that the motive waves i and iii do seem to be built of 3 waves (in orange), not 5 waves; also that the counter trend moves ii and iv actually look more impulsive than the impulse waves themselves, which I interpret as a sign of strength.
Nonetheless, for the standard ending diagonal to complete, a slightly new low needs to be made at around 5650$ approximately. However, if we look more closely at ending diagonal wave 5, which started at the end of July 2018, we can also see the formation of a triangle with wave c higher than wave a, wave d probably in and wave e should complete very soon; therewith completing wave 5, completing the ending diagonal, completing the zigzag and completing the correction. Given the fact that the ending diagonal is taking way too long to complete, this might be a valid count.
The funny thing is that, as far as I know, a contracting triangle cannot occur in wave 5 of an ending diagonal. Is bitcoin rewriting Elliott wave theory here? Well, if it is true, the correction should end very soon. Anyway, on a more practical note, 6800$ needs to be taken out for an official buy signal. That hasn't changed.
