Elliott Wave Analysis of BTC pointing towards sharp decline

Here I present my wave analysis. The first motive wave down seems to have ended and now a correction i.e. wave II is in progress. I expect this wave II to terminate around 7100 and from there I expect wave III down to start. As you know wave III is the most powerful wave of all the motive waves and often it is 1.618 of wave I. If we take 1.618 fib extension of I, then the likely target of wave III is around 5750. This level also corresponds with strong support level.