Preliminary Idea for Elliott Wave Count
I see the Elliott wave count on this 4-H chart as the second wave being a complex corrective pattern, whether it's "2," "B," or possibly "X." Regarding the broader context, we are in a daily downtrend according to Dow Theory, and we recently experienced an impulsive decline to 49k. Bearish momentum still dominates, but we might see bullish and total momentum starting to compete with it in the LTFs.
(For the notion of momentum that I am referring to here, see the tutorial below.)
https://www.tradingview.com/chart/BTCUSDT/SNbjp4eO-BTC-Momentum-Tracker/
As for the details of the count, the scenario where the Y in the WXY pattern is a triangle seems to fit best. The tangled lower time frames often appear during consolidation as the shapes and counts align. This idea might be invalidated if the lower line of the triangle breaks at approximately 57.8k. Even if the triangle is part of a corrective wave, its wave E can afford a throw-over, which may be considered a liquidity sweep before the trend in the HTF resumes.
Note
The assumed E-wave throw-over seems to be unfolding.
Note
Chart update with an alternative count idea.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.