Ugh, what a mess... While my preference is that BTC is still in macro-degree Wave IV following the 2980 high I label Wave III, I must at this point give serious consideration to an Alternate Count,(labeled here in Red) that against reasonable Time Duration, and against the Alternation Guideline, that BTC completed Wave IV at the 1840 low. The move up to 2938 was a larger degree Wave 1, and is supported by smaller degree wave counts. Since the move up to 2938, BTC has been correcting that advance, and may have completed a near 50% retracement at the 2400 level. Since then, the move up has completed multiple sub-wave counts, down to minutia scales, terminating at a "iii" as I write this post.
My current preferred count, is that BTC remains in Wave IV, a Flat pattern, which is in lesser degree wave 1 of 5 of C of IV. At a macro level, Flats occur and take a wave count 3-3-5. (3 waves to reach A, 3 waves to reach B, and 5 waves to terminate at C, all of which can be broken down and are composed of sub-waves in a fractal manner.) The Wave IV preference is guided by the Alternation Guideline and the Time Duration appropriate to this degree of correction represented by Wave IV.
Under the theory of a continuing Wave IV, my current preferred count in in Blue. The emerging pattern for Wave 1 of 5 of C of IV, is an declining or falling, expanding triangle, with 4 of 5 legs completed. Alternate to this remains the impulse or motive push downward to retest the former lows at 1840.