BTC updated wave count
Given recent price action, I have updated the operative wave count. I think we have a completed impulse wave to the downside now. Two solutions: either this is all of wave 5 and we are starting a new bull market, or this was only wave 1 of 5 and we are starting wave 2 of 5, which could bring us back to 22kish now.
I’m leaning towards the 1 of 5 interpretation. In general, truncations are rare, it is preferable to only include them in a wave count if there’s no other choice.
Moreover, considering the bigger pricture from the ATH, the decline from the 15th of August lasted 24 days so far, while waves 1 and 3 lasted about 75-80 days.
Another very interesting element: the extended wave within this recent decline is the first wave. If this is indeed wave 1 of 5, then waves 3 and 5 (of 5) could be smaller, which would allow BTC not to break below 14k and preserve the flat scenario from the April high. Wave 1 of 5 could be the extended one within wave 5. The internal extention within wave 1 could be a clue.
I’m leaning towards the 1 of 5 interpretation. In general, truncations are rare, it is preferable to only include them in a wave count if there’s no other choice.
Moreover, considering the bigger pricture from the ATH, the decline from the 15th of August lasted 24 days so far, while waves 1 and 3 lasted about 75-80 days.
Another very interesting element: the extended wave within this recent decline is the first wave. If this is indeed wave 1 of 5, then waves 3 and 5 (of 5) could be smaller, which would allow BTC not to break below 14k and preserve the flat scenario from the April high. Wave 1 of 5 could be the extended one within wave 5. The internal extention within wave 1 could be a clue.
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