A week ago I thought a third wave had completed just below $6000, but prices decided to sprint 2500 points further. Has the move from $3000 completed an Elliott wave impulse?
Bitstamp, daily chart: completed Elliott wave impulse
Bitfinex, daily chart: incomplete Elliott wave impulse
It's possible that the first impulse is in, but I'm in doubt between the two above wave counts. If I look at the Huobi 10 index, to see if there's an easier count there, then yes, the Huobi 10 index seems to have a preference for the second scenario.
This is relevant since theoretically, prices can still drop to new lows until an Elliott wave impulse completes. Now, I don't expect this to happen, but it's possible. Once an impulse completes, at least one other impulse has to follow, with a correction in between, creating a larger scale threewave where the same question has to be asked again.
The drop we're seeing now does seem to infer a correction. But it's diffcult to know whether it's a wave iv with v to follow or a larger time frame wave 2. I'm buying the dip to be on the safe side.