In classical 3 part corrections in elliot wave the C wave should be of the same length as wave A and wave C should be the most violent. So far we can witness a 5 part impulse wave that we can label A and a 3 part retracement wave that we can label B. What needs to follow is a wave C and here it gets tricky since having the same length in wave C as wave A would bring us into negative territory. The price can never be negative.
Wave A and wave C tend towards equality while C = 1.68*A ist the next most likely outcome. Since this is not possible we can see the current pump as wave 1 of some degree what implies that we are in the corrective wave 2 of the same degree now. Wave 2 tends to be a 0.5 to 0.61 retracement of wave 1.
I marked the area that the elliot wave rules project as the typical target for a retracement, with the lower half being more likely than the upper half. It would also match the typical bubble charts that pop up so often in crypto (and soon for the stock markets as a whole). A conservative estimate would be to watch out for a confirmed reversal from a low anywhere in between 8 and 18 cent. Due to the nature of the DEX and margin calls for bitAssets we will be able to get BTS for considerably lower prices as the 10% discount on liquidations tends to trigger a acceleration on the way down. That will be a great day for a trader who makes profits from this kind of inefficiencies.
Happy trading!