I don't know why so few called for this at the beginning of the correction... I guess many just do not know this rule, which kind of surprised me since it isn't something very sophisticated.
I wanted to make this post to educate those who do not know this elliot-wave rule yet!
This rule specifically applies whenever you see an extended fifth. In that case you have a very simple rule that you can deduce a very probable correction target from!
Instead of using fib levels (which can of course fall into the same spot for a nice confluence), you generally target the low of wave 2 of 5. For BITCOIN that is at 5.5k with and at around 6k without the wick on the daily So the initial 5,3,5 Zig zag (ABC) almost made that target!
I hope this was helpful! Take care!