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If BTC is going through a correction, ABC has not finished yet.

BITFINEX:BTCUSD   Bitcoin / Dolar
ABC correction ends near wave 4, around $7,200 to $8,400.

The first guideline is useful for targeting the end of Wave 5. Even though Wave 5 could be longer than Wave 3 and Wave 3 could still be longer than Wave 1, chartists can make initial Wave 5 projections once Wave 4 ends. In a larger uptrend, chartists simply apply the length of Wave 1 (percentage change) to the low of Wave 4 for an upside target. The opposite is true for a 5-wave             decline. The percentage decline in Wave 1 would be applied to the high of Wave 4 for a Wave 5 estimate.

The guideline of alternation (2) is useful for determining the time of correction for Wave 4. After a sharp decline for Wave 2, chartists can expect a relatively flat correction for Wave 4. If Wave 2 is relatively flat, then chartists can expect a relatively sharp Wave 4. In practice, Wave 2 tends to be a rather sharp wave that retraces a large portion of Wave 1. Wave 4 comes after an extended Wave 3. This Wave 4 marks more of a consolidation that lays the groundwork for a Wave 5 trend resumption.

The third guideline is useful for estimating the end of a Wave II correction after a Wave I advance. Waves I and II are the larger degree waves. Waves 1-2-3-4-5 are lesser degree waves within Wave I. Once the Wave II correction unfolds, chartists can estimate its end by looking at the end of the prior wave 4 (lesser degree wave 4). In a larger degree uptrend, Wave II would be expected to bottom near the low of lesser degree Wave 4. In a larger degree downtrend, Wave II would be expected to peak near the high of lesser degree Wave 4.

(reference: http://stockcharts.com/school/doku.php?id=chart_school:market_analysis:elliott_wave_theory)
Bitcoin is back on the long term support (yellow). This is another good buy zone with a tight stop loss if it closes below.
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