Bitcoin (BTC) Morning Update: Wave 4 Likely Now in Progress

SUMMARY

Overnight, Bitcoin (BTC) took a corrective action which was a bit overdue on a short term basis. I've updated the Elliott Wave count showing that the $9,752 was probably the top of wave 3 and the ABC correction for wave 4 is about 1/3 complete. Since wave 2 took about 3 days, this corrective action could take another 2 days or so. The rule of Alternation states that if Wave 2 was simple then Wave 4 is likely to be complex. However, Cryptos don't adhere to that rule so well as it is a bit "autistic" compared to the equities. I believe wave 4 will also probably be simple also. IF this is correct for wave 4 label; then it probably won't retrace more than 0.38 Fib level of wave 3 as shown in below chart. Once complete, wave 5 remains and its current target is at $10,429 or so.

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