SUMMARY
Corrections are notoriously difficult to Elliott Wave trace and path given the 36 possible price twitch combinations. This is when patterns provide that additional guidance. The below chart shows a potential triangle and if $10,890 is targeted as wave d of the abcde; then the e wave would be next. However, when the e wave is at the top line; propensity of price is to decline.
IF the secanrio of the larger ABC is to be valid, and BTC is currently carving out the red B wave; its subwaves are shown as blue abc. Since c waves always have five subwaves, this means that the blue c wave needs to be impulsive as shown by the white 1,2,3,4,5. It's still in that mode and not yet invalidated.
The descending wedge pattern is not yet off the table. This means that the small uprise of price that seemed to be like a breach of the upper white line could be a bearish wick. The decline would be a welcome trajectory towards $8k or $7.6k or so to mark the bottom of this correction.
Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
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Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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