Bitcoin: Elliot called it a Zigzag, i call it a Slaughterhouse

Cyclic wave completed at top. Now we are in a long correction. I could clearly label it as an Impulse. A 5 wave impulse is always a part of a larger trend. It forms in a Zigzag as an A or C, in a flat as a C. At this moment I am comfortable calling it an A in a Zigzag. After completion of Minor A we are now forming a B wave. B wave is when average traders think we are going back to normal when everybody kind of start buying the dip in the hope that we will make a new all time high. Thats where smart money dumps their leftover bags. B wave usually finishes at .38 or .50 retracement of A wave. If B wave starts going over .618 of A its likely that its forming some other kind of structure. So i have a purple invalidation line there.

Thanks for reading.