As shown on the chart this is a potential Elliot wave count playing out which operates within the larger degree cycle of WXY down from the All time high (ATH); from the high of 48 k it is proposed that we have come down in the beginning of the W wave of the Y wave of a larger degree in which we completed a 5 wave count indicated by the blue micro waves to the lows of ~$39300 to complete the A wave of the zig zag forming the larger W wave of the larger Y wave. From the completion of the A wave we then got an expanding flat structure before a sharp sell off upon reaching the 43k area in once again an impulsive fashion with the expanding flat occurrence appearing to be a connecting B wave leading into a C wave to the downside. As of this moment we can see some impulsive wave structure begin to form in which we seem to be in the early stages; with a dropping of the upward channel which withheld the LARGER X WAVE correction from ATH we can presume a new down trend or continuation of down trend can continue which ultimately will set the tone for coming weeks and months with 35k a likely destination being a weekly orderblock as well as the ~1:1 fib extension of the A wave.

From there a likely X wave variation will occur and then the Y WAVE of the larger Y wave cycle will occur; where 24 k area is a potential destination according to this valid Wave count.

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