BTCUSD could have been following a triangle (ABCDE) correction since the all time high.
A triangle correction can have one of the sub waves trace a complex correction, and in this case the first wave can be viewed as another smaller triangle marked in red lines (This wave *could* also be counted as a zigzag or a double zigzag). Then the remaining BCDE waves can all be counted as zigzags (you will have to look at the hourly view to confirm this as a plausible count as I have)
If this count is correct then it means the correction is already complete.
The next few days should either validate or invalidate this view.
NOTE: I am aware that the volume does not help to confirm this view, I would expect it to decrease significantly as the triangle apex is reached, so for me this is not a primary count.
A triangle correction can have one of the sub waves trace a complex correction, and in this case the first wave can be viewed as another smaller triangle marked in red lines (This wave *could* also be counted as a zigzag or a double zigzag). Then the remaining BCDE waves can all be counted as zigzags (you will have to look at the hourly view to confirm this as a plausible count as I have)
If this count is correct then it means the correction is already complete.
The next few days should either validate or invalidate this view.
NOTE: I am aware that the volume does not help to confirm this view, I would expect it to decrease significantly as the triangle apex is reached, so for me this is not a primary count.