SUMMARY
Bitcoin (BTC) is likely putting in an ABC ZigZag correction after putting in the white five wave impulse. Elliott Waves states that after a five wave motive, there is a requisite correction. The chart below shows that the first wave decline was in five wave steps (red). Whenever there are five waves at the onset of a corection, it's likely an indication for a ZigZag ABC correction type. The blue abc als show the three wave retrace for red B and since C waves always have five subwaves; the decline has already started. IF this is correct, then a potential bullish wedge could also be patterned out by the corrective retracement and a breakout would provide the onset of wave 3 up.
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