My original target was between the .5 and .618 fibs for the A wave retracement, based on this price action being some sort of triangle or wedge.
I would like to see additional confirmation soon (such as a huge rejection at 8.5k, and/or falling below 7.7k). The bullish alternative is that the overall wave 4 is over and we are in a 1-2 or leading diagonal setup...
I posted some charts before showing a couple of triangle possibilities for the current sideways price action. Because price continues to abide by the top trendline, this scenario is becoming more likely where the larger B wave has ended, and we are setting up for a double-nested 1 2 i ii down within the C wave. The target area of the i-ii (cyan impulse) is boxed,...
One count of the current price action is shown above. For this scenario, I expect it to hit that box before starting the C to sub-7k. A caveat to this is that some exchanges are two legs behind in the pattern, meaning that on those particular exchanges (such as Bitfinex) there are no trendlines to define any single triangle. Worst case is a run to 8.7k before...
Current price action is part of a larger wave 4 retracement. Expecting it to drag sideways before finishing the C wave between 6-6.8k.
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