Intermediate ABC Extension in Minor 3 Complex Correction in 4

Bitcoin has been in a corrective pattern from the low of 17,500 on June 18th and is beginning to exhibit signs that it could either be a reverse expanding triangle or a WXYXZ pattern.

Case for the triangle:

• Each side subdivides into a zig-zag
  
• C is 123.6 of A
  
• A and C made higher highs while B and soon D will be making higher lows
  

1H

30mn

15mn

Case for WXYXZ:

• X is between 61.8% and 76.4% of W
  
• Y is less than 123.6% of W
  
• X is on target to be around 61.8% of W
  

Alternate WXYXZ

Finally, as a bullish alternative this could also be a leading diagonal in a wave 1 since the rules for leading diagonals are that each wave 1-5 subdivides as a zig-zag although this feels less likely due to the way the pattern starts contracted and then expands as the correction continues.

Comment:

Adding some context to support my reasoning for the extension in minor 3 in (C).

• Alternation between sharp and sideways corrections on both the minor and minute counts.
  
• MACD Divergence between ((iii)) and ((v))
  
• High volume spikes on both ((iii)) and 3
  
• Creating a trend channel between 1 and 3 through the extreme of 2 shows that we are outside the trend channel thus in a wave 4.
  

Comment:

Looking more like an ((abc)) with a flat in ((b)) rather than a triangle or ((wxyxz)) at the moment. I was incorrect about the flat in ((x)) idea and it seems we got five waves up in ((c)) instead.

It appears we are now in a three-of-three extension in ((1)).

Comment:

Updated count based on the pump that invalidated the prior comment about the third wave extension in (iii).

Comment:

Wave 4 in?

Reviewing the count, I have changed it from the triangle idea to a WXY with a zig-zag in W, double three in X and double three in Y where Y is 1.618 of W.

With the New Moon which has historically marked tops in BTC can we safely assume that we're done with this corrective rally?

Comment:

SPX appears to have completed a minutte ABC correction in minute X of minor 4.

BTC follows SPX so if SPX continues to move impulsively to the upside it could become a wave 3 which would cause BTC to correct higher.

Main bullish count micro 4 of subminutte iii of minutte iii

Considering the WXYXZ my alternate count for now.