SUMMARY
This blog has consisently said to almost always expect an extended correction from Altcoins given their nature to rush the impulse waves while making the subsequent retracement seem like watching paint dry or the toaster to finish toasting. When price goes sideways in any correction, it should give alot of information regarding upcoming patterns and Elliott Waves. The below chart shows the first downward wedge and it would be quite common to ask if that could represent the bottom of the correction. Given how the Hurry Up & Wait syndrome is prevalent across the Altcoins, suspicion should be the undertone of any conclusion that the correction bottom could be in. This is why alternate scenario counts come into play.
The ABC can easily be seen as the finishing markings of this correction and while still likely even as cofirmed by the subwaves, the length of the correction is a bit short in time.
The alternate count shows that the whole sideways movement could be labeled as WXYXZ complex combination. This means that the Z wave is likely not yet complete and unless price starts impulsing up like asap and start making higher highs; a lower low could be targeted.
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