From a first glance at the One Hour (H1) chart for BTCUSD , we can see a clear down trend from the decline of zigzag high wave points ( 0-2-4 ) . There is a major support at 10035.1 and 9846.8 . From the glance of the chart, it is clear that all current zigzag low waves (1-3) is still above both major support levels which suggest a strong long term bullish trend. This could indicate that a possible bullish correction is just around the corner. The long term trend therefore supports correction of the current elliott wave in the bullish direction. Best entry points for buy trades would be around the two major support zones 10035.1 and 9846.8.
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