This whole time I mapped a 5 sub-subwave down (yellow) for the subwave A of an ABC correction (ABC correction is intermediate wave 4). However, the subwave B never looked right. I tried an ABCDE sideways correction, but still it looked wrong in relation to the 5 wave down. However, now with this impressive pump up to $39k, we have what appears to be a perfect looking B subwave (light yellow), paving the way for a C subwave down to complete wave 4. Admit it: look at it! It's a textbook ABC shape!
But of course, this impressive pump from $29k to $39k could be just subwave 1 of wave 5 - I will be looking at the price correction to see what eventually plays out.
Note: I am not biased toward bearish, however, having lived through the Crypto winter of 2018, I am not surprised by massive pumps followed by massive drops. If you look at the wave structure of Major Wave 3 (to $20k), Major Wave 4 (to $3k) and the current Major Wave 5 that we're on - they're pretty perfect when it comes to Elliott wave. We will see, and as always adjust our thinking on the fly.
But of course, this impressive pump from $29k to $39k could be just subwave 1 of wave 5 - I will be looking at the price correction to see what eventually plays out.
Note: I am not biased toward bearish, however, having lived through the Crypto winter of 2018, I am not surprised by massive pumps followed by massive drops. If you look at the wave structure of Major Wave 3 (to $20k), Major Wave 4 (to $3k) and the current Major Wave 5 that we're on - they're pretty perfect when it comes to Elliott wave. We will see, and as always adjust our thinking on the fly.