I tried to trace several Elliot Waves counts lately, trying to figure out if a drop is expected to happen in short term but I struggled to find a realistic count for a Bearish Scenario, despite there are always a Bearish one.
I think that, if no more bad news are coming from regulators, Governments, SEC and other Last minute KillJoys appear , the count that I see the most likely is the following:
Wave 4 of the 5 Black Impulsive waves has shown itself today since BTC has reached another High at 24660 USD, beating its previous ATH of 24500 USD, so if the 4th wave is done it means that BTC built already the 1st wave and the second wave (rounded in blue) of the 5th Black Wave:
And, since Elliot Theory allow it, the 3rd wave of the "Rounded in Blue" is on-going and we have seen the 1st and second subwaves within (violet count):
As you can see, I included as well the FIBO levels projected taking into consideration the High of the 1st blue wave.
The projection for the 3rd Blue wave at the 2.618 Level (meaning an extensive 3rd wave) is 26319 USD (Dash-Dotted Line)... Why I do think it would be extensive? Well, watching the dimension of the Violet first wave within the blue count is like forecasting a long trip there.
Then a corrective long 4th wave and the final 5th which would complete the Black major count.
Let's see how everything evolves finally but there is no reason for thinking the opposite scenario IMO.
Enjoy!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
