BTCJPY More Downside?

BTC/JPY - Still moving lower today which is supportive of the primary count shown in white suggesting that we are in a third wave to the downside. Still not so clear is the structure of this third wave and I am open to this taking the form of either a larger ED or an impulse to the downside. Alternate count shown in yellow would suggest that we are in a ((i))-((ii) i-ii to the upside however I have several issues counting it this way (the depth of the potential wave (ii) and the structure of the potential wave ((i)) ) which is why I still prefer the white path that takes this down to new lows under the Feb lows prior to moving higher once again.

BTCJPY - Primary Analysis - May-23 1032 AM (1 day)
BTCJPY - Primary Analysis - May-23 1032 AM (1 day)
BTCJPY - Primary Analysis - May-23 1026 AM (4 hour)
BTCJPY - Primary Analysis - May-23 1026 AM (4 hour)
Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.