Good morning 

Bearish action in crypto continues, the Y triangle idea failed miserably and we also printed a lower low. 
At times like this we must focus on the big picture and the big picture remains bullish, but we have to stay above the December 20 lows, I believe these were around 17 cents.  

Anyways, the bounce from the May lows was a three wave move, it looked better as a three wave move and it is now confirmed. That bounce is probably an "X" , how it fits in the big picture remains to be seen, it probably means that there is a mistake in my count for the decline that started late March, I will have to look into that at a later point, I want to focus on the recent price action in this update.

And I think we go down in zigzag style since that point, nothing new there :

Since the bounce we can see a three wave move down for "W" followed by a triangle for "X", since the completion of this triangle structure we are breaking down hard, that is what you can expect when a triangle completes, a thrust.  I think we have 5 waves down complete since the completion of that triangle, and that is probably a of y.  A bounce could come now for b of y, not sure how it will look like, but it has to be a three wave move (a zigzag or flat or triangle or combination, and it can make a new low while correcting). But I think lower prices will come after this bounce for c of y, that could be a terminal decline though, but it could also extend with a triple.

All in all the decline is more sideways then we have seen in the past, this may be an indication that the bears are getting tired.

That's all for now, let me remind you that my homework is no financial advice, it is for educational purposes only.

Thanks & take care