SUMMARY
Bitcoin (BTC) overnight price action looks to be putting in the subwaves of a smaller correction before resuming the upside towards wave 3. I've added the subwaves of the c waves as 1,2,3,4,5. Remember that wave c always has five subwaves and counting these correctly is key to ascertaining the "geo-positioning"of your waves. Therefore, if this is likely a wave c decline of an a,b,c correction, then five wave completiong counting allows greater confidence that c wave could be complete. The target of completion point could be $12,463 or so. I know that many are already freaking out on this smaller decline and I assure you, there is no happiness to be found in crashing from panic to euphoria and back. I have repeatedly said that awareness will help keep the panic away and that means gaining proficiency to analyze scenarios from possible to probable to gain greatest awareness of where and how the price will behave.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**