Bitcoin| The First Leg Of The ABC StructureBitcoin / TetherUSBINANCE:BTCUSDTTrader_3rdHello Everyone, how are you ? I hope you are all well. Today, we have bitcoin on daily time frame, and as you can see, bitcoin is in corrective phase right now, in Elliott Wave Theory. Each price chart has three basic types of price action phases. Elliott Wave (EW) price patterns are divided into: impulsive, corrective, and consolidation. The waves are split into 5 impulsive waves with the trend and 3 corrective waves against the trend. When markets move against the trend of one higher degree, they do so with an apparent struggle. This resistance prevents the pattern that forms from developing a motive type of structure, and the patterns that form are more varied than in the motive wave type. There are two styles of corrective waves: the “sharp” correction “Zigzag” and the “sideways” correction “Flat”. The sharp corrections move steeply against the trend of one higher degree, and the sideways correction appears to form a flat structure that often returns to its beginning price before ending the correction. Please keep in mind that although corrections are often seen as a decline in price, the reality is that the market can correct up or down, depending on the trend of a higher degree. A Zigzag Correction: A single zigzag is a three-wave corrective structure that is labeled as A-B-C. The sub-wave sequence is 5-3-5. The A and C waves are motive waves (with 5 sub-waves), while the B wave is corrective (often with 3 sub-waves). The zigzag is known to form a sharp style of correction and, in an impulse wave, usually shows up in the second wave position. And the in bitcoin chart above , we are just in the first leg which is Wave A , and it contains Five sub-waves , and now we are in the last leg of this sub-waves wiche will be labeled as 1,2,3,4,5. I think ,as you can see in the chart above. And There's a Flat Correction: The flat correction is another three-wave correction where the sub-waves form a 3-3-5 structure. Like the zigzag, it is also labeled as an A-B-C structure. In this case, Waves A and B are of the corrective variety, and Wave C is motive (with 5 sub-waves). It is called a “flat” because the pattern moves sideways. Within an impulse wave, the fourth wave often has a flat, while the second wave rarely. In sub-waves 2,3 and 4, it was formed in the shape of running flat, , which often occurs in strong trends of one higher degree, and now i think we have one. As for the price targets or zones that the price will reach, The first price target will be at : 55842.65 And The second will be at : 47779.83 Happy and Safe Trading,