Maybe 'will' was a bit to strong. But: It was a top, there was a correction, since bitcoin started trading those wave 3 -> 4 corrections have been 95% wedges of this exact kind. Its like bitcoin love wedges when its rallying. It takes a lot of guts to make such a prediction on a public forum. I'm really putting my head out there for ridicule. Lets see how it plays out. If the bullmaket is strong enough it wont even do the second bounce, it will just penetrate the trend line and continue.
I was just wondering what bitcoin corrections are most likely.
http://www.acrotec.com/elliottwave/ew5.jpg
http://www.elliottwave.net/educational/basictenets/basics_images/fig18.gif
In my experience bitcoin 'loves' those Ascending Triangles and Contracting Symmetrical Triangles. They are present on all scales and occur extremely often, and have done so from the very start.
It was masterluc and his (I think) unorthodox way of drawing the 4th wave correction in his elliot wave analysis that made me aware of just how often these patterns occur. It may be so simple that bitcoin is in a persistent long-term bull market and that this continuation pattern is a natural occurrence in bull markets. We are just so spoilt that get to see them so often.