SUMMARY
The morning BTC update showed the below downward pointing wedge as still in progress and the waves were updated with overlaping 1,2,3,4,5. The subwaves of the blue wave 5 were also labeled as a pathway guide.
BTC has now formed three consecutive symmetrical triangles as shown. The two whites are separated by a yellow triangle. In fractals and waves, alternation is quite common. Just like how waves 2 alternates in complexity or simplicity with wave 4s; the first triangle price breakout was alternated by the yellow. Thus, the current triangle may allow price to bounce upwards.
IF the Alternation occurs, then the whole correction could fit as a WXY sideways type of price action. IF there is a bounce, then the degree of any impulse action would be the first signal to a turn or not. Let's see what happens the rest of the 24 hours.
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Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
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Tutorial on the use of Fibonacci & Elliott Waves
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