BTC Wave Y count 29/11/21
Updated
For my own educational purposes, I decided to dive deep into the count of this potentially formed wave Y of the expanded flat correction:
As I have recently been studying Elliot waves, this most recent correction had caught my eye as something I hadn't observed in real time yet - an expanded flat on a high TF scale.
The Wave Y shown has a distinct 1-5 formation (red), and the corrective subwaves have been shown for clarification that it is highly probable the wave Y is finished, and we may have entered an impulsive wave in the macro direction - upwards.
I have mostly not done the smaller subwaves for the motive waves to make the chart less clogged.
This is not financial advice and always DYOR.
As I have recently been studying Elliot waves, this most recent correction had caught my eye as something I hadn't observed in real time yet - an expanded flat on a high TF scale.
The Wave Y shown has a distinct 1-5 formation (red), and the corrective subwaves have been shown for clarification that it is highly probable the wave Y is finished, and we may have entered an impulsive wave in the macro direction - upwards.
I have mostly not done the smaller subwaves for the motive waves to make the chart less clogged.
This is not financial advice and always DYOR.
Note
Where are we now? This depends on if we see a higher low as would be expected if we have just bottomed. Price on lower timeframe has currently formed what may be an impulse 1-5 wave followed by the first 2 waves of an expanded or running flat, into the final wave:If a higher low is set here, we may deduce wave 2 of the higher impulse wave.
Note
Currently looking at this count from 29k on the higher timeframes:Elliott's "channelling technique" may give the final target for the wave 5.
Note
Apologies, the zig zag correction shown on the idea is actually a single zig zag, not a double.Note
Possible count following another potential 1-5 count following on from the expanded flat correction.
Note
As opposed to one of the previous comments about the potential macro 1-5 wave and finish at the top of the channel, we could also enter into a larger corrective phase, which would not be unlikely given the large wave 3 we had upwards from 3k: Note
Interesting count on this range, is the correction about to finish? Volume spiked on the last low: 
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