The Large Triple Correction WXYXZ in BTC
2024-09-28

The Large Triple Correction WXYXZ in BTC is a formation often used in Elliott Wave Theory to describe a major corrective move. This formation refers to an extended series of sub-waves in a large correction. The general structure consists of five waves: W, X, Y, X, Z, representing a more complex corrective process. The typical behavior is as follows:

 
 W: The first corrective wave, usually taking the form of a zigzag or corrective wave.
 X: The recovery phase of the correction; generally a weak upward movement and often formed with lower volume.
 Y: The second corrective wave, following the completion of wave W, representing a new downward move.
 X: The second recovery wave, similar to the first X wave but typically shorter in duration.
 

We are nearing the end of the Large Triple Correction WXYXZ in BTC. After completing the final wave C, I expect a downward turn. Once it reaches the 48-49 level, the long journey may begin.