Bitcoin Zigzag Correction
I started to see my alternate count stepping back and taking a look at a blank chart on log scale. For now I will leave my original counting although I believe the alt. count is simpler and likely to be more accurate. I do think the internal waves of the larger decline support a diagonal or even possibly a wave ((B)) triangle but I am most confident counting a zigzag correction at this time.
With the break of 316.61 to the downside, all my counts point lower short-term. I am watching for a five wave decline from the 453.92 high where I will consider the possibility that a correction from the 1163 high is complete. I believe the entire decline from the top is forming Wave II of a larger five wave pattern. Not all data is present to show the rise up to 1163 as a large five wave impulse that forms the larger Wave I which is now being retraced. Once the Wave II , correction completes, this interpretation implies a larger upside (Wave III) and great opportunity to be long.
With the break of 316.61 to the downside, all my counts point lower short-term. I am watching for a five wave decline from the 453.92 high where I will consider the possibility that a correction from the 1163 high is complete. I believe the entire decline from the top is forming Wave II of a larger five wave pattern. Not all data is present to show the rise up to 1163 as a large five wave impulse that forms the larger Wave I which is now being retraced. Once the Wave II , correction completes, this interpretation implies a larger upside (Wave III) and great opportunity to be long.
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