Many recent charts I've made have had impulse waves failing on sub-wave 5, but when I started drawing my Elliott Waves within the context of being in a bear market, the wave patterns started making more sense. The impulse waves failed at wave 5 because they weren't impulse waves, they were ABC pattern corrective waves.
From this perspective, it appears that BTC has just completed (or may soon be completing) a major five wave impulse DOWN.
This means that a bullish ABC corrective wave right now could take us as high as $10,000+ (within the 61.8% fib retracement region) and that still wouldn't be high enough to break the bear market trend.
IMO, in order to have confirmation that a bull market has begun, we would need to see a retracement of at least 100%, with the price needing to reach over $11,700.
From this perspective, it appears that BTC has just completed (or may soon be completing) a major five wave impulse DOWN.
This means that a bullish ABC corrective wave right now could take us as high as $10,000+ (within the 61.8% fib retracement region) and that still wouldn't be high enough to break the bear market trend.
IMO, in order to have confirmation that a bull market has begun, we would need to see a retracement of at least 100%, with the price needing to reach over $11,700.