Bitcoin Elliott Wave Update - Where are we?

With the recent price action, the bullish and bearing interpretations look about equal in terms of probability.

The bearish interpretation (pictured above) is that we've been working a minor degree X wave, since 9/15 and we have another leg down, minor wave Z, once this X wave finishes. This count seems to fit fairly well. Based on fib extensions, we might look for this wave to terminate near the $4675 level.

The bullish interpretation is that we've begun intermediate wave (3) and we're working minute wave [3] of minor wave 3 of intermediate wave (3). The main problem I have with this count is that this rally looks far too weak to be a 3rd of a 3rd of a 3rd. It should be zooming higher if that were the case. Instead it's moseying up, dragging along it's trend line.

Given this, I'm leaning toward the bearish count. If that is accurate, we should see prices move slightly higher in the shorter term, before ultimately turning lower again.

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If you have any thoughts or questions about this wave count or elliott wave in general, please post them in the comments.

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I am not a financial advisor. Be sure to do your own research.