Just ahead of the start of the October averaging period, prices have dropped dramatically, hitting the $40,000 support level (the high from 5 August) — a fall of 22% from the peak on 9 September. As predicted by the Elliott Wave analysis highlighted in our previous two or three reports, the end of the fifth wave of the main upward impulse has been followed by a three-wave correction, with the long-term trendline breached on 28 September. All indicators show significant downward momentum, but for now support at $40,000 is holding. The next support level is $38,000 (the low from 10–11 August); any recovery will meet resistance at $45,800.
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