MonkeyMagic
Short

BTCUSD correction likely

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I have adjusted my count for BTCUSD .

I now believe with the rising wedge pattern, and the projected length of wave 5 equal to wave 1, that the top of this 5 wave impulse has nearly been reached.

I anticipate that the blue support line that has been resistance for so long will hold for the correction, putting this larger wave 2 retracement in the area of the previous impulse wave 4 correction, and I am guessing that the form of the correction will be a downward triangle as BTCUSD has already demonstrated its propensity towards them.
Comment: Count is likely wrong, we are still in a correction but not of as large a degree.

Unless we are dealing with a truncated 5th then I concede that the wedge must be wave 1 of 3 and the correction is wave 2 of 3.
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