Bitcoin. So where are we now?

I have reviewed and updated my wave counts. I am more fonded to this wave structure currently. This is a log scaled 4hr chart. So bitcoin is on its correction for the 3rd wave which I believe will only retrace to 0.382~0.5 ($7,715~$7,383). If it retraces more than $7,483 since 4th wave cannot overlap with the 1st wave, this count becomes invalidated. Also I 1:1 extended the wave A to target wave C which falls into the 0.5 fib retracement of 3rd wave. For 5th wave, I targeted 2.618 extension of 1st wave since 3rd wave beautifully fell right into 1.618 extension. Moreover, according the Elliott wave theory, if 3rd wave is greater than 1.618 extension of 1st wave, 5th wave can be targeted by extending 1st wave to 1~1.618. To summarize, bitcoin has high probability of going down to $7,500 which is considered as 4th wave, and go back up to $9,400 which would be 5th wave.