oke, as expected the price broke the 2-4 line of our wave c terminal and retraced all of wave 5 on the 1h time frame. Since this corroborates our larger time frame count on the daily chart this means the possibility of our deep correction down for a wave 4 has now turned into a probability. Elliot wave is not a crystal ball, nor is it a robotic step by step instruction on how trading and risk management should be performed on markets, but rather a very effective way of understanding the way markets work in terms of their psychology, and fractal nature, in order gain an edge. In terms of elliot, the larger time frame count is 'officially' confirmed upon the price breaking below the purple 2-4 line shown on our published chart (again a daily chart) within the time it took wave 5 to form which was around 8 days. So, considering our lower time frames count confirmed the end of wave 5 around 3 days ago, we should expect this break down to occur within the next 5 days or so. Again, I now believe this is a probability as opposed to a possibility due to the confirmation on lower time frames. How you would treat this from a trading perspective would totally depend on your own style, risk tolerance, etc. Essentially, in my view, I now see it as a probability that the price has already begun a deep correction which could go to let say ~28k-40k or so, but we can become even more confident when the price breaks below the purple trendline within the next 5-6 days or so. Some people might have already taken a trade and would add more upon the break down, or already have taken a bigger sized trade with a tighter stop, etc. All that comes down to a conversation related to trading in general.
All the above, imo is extremely valuable information, we know what to expect, and we know how to evaluate if for some reason the analysis is wrong i.e. if the price does not break that line within the next 5-6 days, or if it explodes much higher before then such taht one could use their judgement that it wont be breaking it within the alotted time rules, the picture should be totally re-evaluated.
gluck!