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 covers Forex, the S&P 500 and the VIX, contributing frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trade Alerts service and co-hosting the EWT Forex service. Learn more about Mike here and his services here.