Wave 2 is on the way down. So far it looks like a regular a-b-c correction, but it can of course change into something more complex.
The stochastics on the weekly are very overbought while on the daily they are very oversold. My assumption is that the weekly stochastics need to calm down before wave 3 can start and this may take a while. Which suggests we may be moving sideways to down for a longer period, i.e. a couple of months. I would consider that a very healthy move as we have been going up quite quickly, especially since April. Consequently, the 61.8% Fibonacci retracement target of $7500, which coincides with minute wave iv (the burgundy red encircled one), is still very much on the charts.
The count is actually clearer on both the Huobi10 index and the total crypto market. We should correct more.