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**SUMMARY**

Bitcoin (BTC) overnight price declined to a lower low as shown in the below chart. IF this count is correct, then white wave 3 is still in progress. Therefore, completion of the five subwaves of C of E could likely bring prices down to the $7,200 or so zone. However, there is another pattern that has emerged and will be discussed using the next chart.

![](https://steemitimages.com/DQmbBq17TkEA9pJZ2NVCCC1WNqZ94U9kfXNXv2X12UaxdnC/image.png)

As labeled, the two blue parallel lines are showing the pattern of a bull flag because it's downward pointing. Within this is a potential downward pointing, bullish, wedge pattern (purple). The abcde (purple) show that only e wave remains to complete the wedge pattern and price can certainly breakout from this level. Wave e should be at around $7,875 or so. IF this wedge pattern represents the terminal end of this minor correction, then the whole correction can be labeled as an ABC (purple). I would give a 60% preference for the wedge breakout and a 40% chance for the price to actually decline to $7,200. Video has more details.

![](https://steemitimages.com/DQmUqNmoUuJsENqVGck2H9gNftDehDufJvQTSunkCP4shKU/image.png)



https://youtu.be/dYIXBva34B8

**Legal Disclaimer**: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: 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. </center>


Please consider reviewing these Tutorials on:
[Elliott Wave Counting Tutorial #1](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-1-by-haejin)
[Elliott Wave Counting Tutorial #2](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-video-2-zig-zag-and-flat-corrections-how-to-recognize-and-label-corrective-waves)
[Elliott Wave Counting Tutorial #3](https://steemit.com/bitcoin/@haejin/elliott-wave-tutorial-iii-how-to-label-and-apply-triangle-price-corrections)
[Laddering](https://steemit.com/bitcoin/@haejin/an-effective-buying-and-selling-strategy-laddering-a-tutorial-on-to-cast-a-ladder) and [Buy/Sell Setups](https://steemit.com/bitcoin/@haejin/when-to-buy-and-sell-using-elliott-waves-a-tutorial). 
[Laddering Example with EOS](https://steemit.com/bitcoin/@haejin/eos-target-usd3-22-analysis-update-live-real-time-laddering-example-you-don-t-want-to-miss-this)
[Tutorial on the use of Fibonacci & Elliott Waves](https://steemit.com/bitcoin/@haejin/tutorial-on-the-use-of-fibonacci-ratio-and-elliott-waves)
[@haejin's Trading Nuggets](https://steemit.com/bitcoin/@haejin/haejin-s-trading-nuggets-all-learned-through-tonnages-of-failure-experiences)
[Essay: Is Technical Analysis a Quantum Event?](https://steemit.com/bitcoin/@haejin/essay-is-technical-analysis-a-quantum-event)

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