Yes it is on a weekly Yes, everyone looks on a daily In theory, timeframe is irrelevant. As the correction wave ABC, we have not seen B. Therefore giving consensus that BTC will have to dip for another candle (week) For Elliot Wave theory to apply.
Correction Mid Bounce (week) = USD$5000-$5500
As long as ABC correction occurs (weekly time frame) = $3138 Final Bounce before retrenchment.
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Note: 2nd Line 'Not weekly' ,.. but monthly >.< oops