Yes @cryptographic this correction was long due and this correction may prove otherwise as buying opportunity for testing the all time high again.
What does your elliot wave analysis says in regard to bitcoin, can we see some relief rally to this quick crash or it will continue bleeding.
Thank you and have a great day.
I really don't do much with Elliott Wave since I find it of little help for analyzing risk/reward on potential price movements. I do think it is interesting from a historical perspective though, and the impulse and corrective ideas are interesting. Certain patterns, like the extended 5th and extended 3rd, seem to have a degree of reliability as well. All on a more global level though because if you really get down to the nitty gritty of counting in an attempt to project, you'll go crazy and lose a lot of money. That's my experience and use anyway. I don't think there is any way of doing any kind of scenario analysis based on EW at this point, only that we may have finished an extended 5th higher, which would be bearish, so, well, I guess that's something. 😕