Finally BTC has shown what the correction will look like. There are two ways to label this, but the result is absolutely 100% the same, so it doesn't matter much. It is either ABCDE or just ABC as a 3-3-5 flat correction.
Here is the updated count:
I told you a month ago that I expect a deep correction to scare off investors. Then I forgot about it for a while, because to me it looked like a complete correction already.
Now the target will likely be 7260$, which is the 78% standard correction target for a wave 2. At this point, there is a very high chance of an amazing rally starting off the bottom.
BTC might rise 1000$ in only 1 hour. That's when you know that the correction is over. That is the point in time that institutional investors have been waiting for months now. The time for FOMO will be soon.
UPDATE 19.05.18: This corrective wave up should be over soon, I think BTC is about to drop hard.
UPDATE 20.05.18: BTC might reach 8600 before dropping.
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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
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