SUMMARY
I've updated the Elliott Wave count as shown below. This has white wave 1 raised a bit higher but the destination remains the same. So, the key would be to count the subwaves of white wave (1).
I've added the channel lines for the impulse wave to blue (1). If the waves fit well within a channel, it's confirmation that there is an impulse in progress. This chart shows white wave (5) at $19,607. One consideration I'm giving is that once Bitcoin hits blue wave (1) and corrects to blue wave (2), the Altcoins might not and instead rise. This would be the situation if bitcoin to altcoins become non-phasic. What I mean by this is that when BTC corrects its cycle will be declining; however, if the cycle of the Altcoins are not decline but rather inclining. Let;s see what happens,
The below is an alternate count. There could be an expanded flat a,b,c correction where the b wave rises higher than the prior peak and the c declines lower than a. Regardless, the destination changes not.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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