BTC forming possible irregular / extended flat for second 5 wave
I'm a beginner in Elliott Wave Theory.
I'm open for all types of criticism that help me correct errors and / or see other possible scenarios that I've missed.
I don't see a scenario were BTC could be finished with the correction.
This assumption is based on the following assumptions:
1. Another 5 wave structure is missing to complete the second zig zag.
2. BTC likes to correct to 0.786 and we didn't reach that level jet.
3. If the second zig zag reaches a perfect 1:1 extension of the first zig zag we would reach the 0.786 quite spot on.
4. If the 8000$ to 82000$ region is reached by the currently forming correction of the first 5 wave structure we would hit a 0.618 retracement.
A 1:1 extension of the first 5 waves for the second 5 waves could also reach quite near the 0.786 retracement level for BTC's primary 1 wave.
I'm open for all types of criticism that help me correct errors and / or see other possible scenarios that I've missed.
I don't see a scenario were BTC could be finished with the correction.
This assumption is based on the following assumptions:
1. Another 5 wave structure is missing to complete the second zig zag.
2. BTC likes to correct to 0.786 and we didn't reach that level jet.
3. If the second zig zag reaches a perfect 1:1 extension of the first zig zag we would reach the 0.786 quite spot on.
4. If the 8000$ to 82000$ region is reached by the currently forming correction of the first 5 wave structure we would hit a 0.618 retracement.
A 1:1 extension of the first 5 waves for the second 5 waves could also reach quite near the 0.786 retracement level for BTC's primary 1 wave.