BTC In Standard Double 3 Elliot Wave Correction: Almost Done?

As I was wrestling with the movement of BTC, I noticed that a standard Correction of a "Double Three" is setting up. That is to say ... a regular flat + any 3 + an ABCDE Constricting Triangle. A regular flat is a 3-3-5 combo ... so a "down-up-down" wave, combined with an "up-down-up" correcting wave, combined with a 5 cycle down wave. And we saw exactly that! That could have been the end of a corrective cycle, but it did not break out. Instead it took a 3 cycle wave "up-down-up" and started to descend again. So this is a complex corrective wave. It started with a Regular Flat ... and it looks like it may be forming a triangle as the finishing piece. The triangle to close is a forward projecting, so it is more something that must be verified not traded. If the triangle is verified we could be shooting up off of the E point, which would be around 8600-8800.

So what to watch ... if forming a triangle we should see an upward move soon that heads to 10,100 ish. Then it should move down to the 8600-8800. Then we could be off to a bullish impulse wave again.

Let's see what happens next. Triangle? or more complex corrective move?

Comment:

full clear breakout ... triangle invalidated.

So ... on its way to upper side of descending triangle. looks like 11,400 ish.

Bearish: reversal off top of triangle and headed back to 9500ish.

Bullish: MACD on 1D chart has just crossed over. May wave up through breakout above triangle. Then headed to 13400 or more.

So watch for clear breakout above triangle at 11,400 ish. Otherwise still in bearish macro triangle for awhile.