Are we in Corrective Wave Formation C of BTC - Parabolic Theory

Using a Fibbonacci channel dating back to 2012 (acclaimed by so many Fibbonacci traders as the gospel) with marks inserted where they feel are the larger 'Waves' of smaller 'subwaves' and trying to make sense of it all, it is obvious BTC is not in parabolic growth.

In fact, it would make absolutely no sense for it to be. What goes up, must come down. They tend to forget a basic principle of Fibbonacci, i.e. balance is key.

I've seen some go so far as to alter the channel to "fit" their theory. :\

In fact, if you ask me, I don't think we can use the Fibbonacci channel dating back to 2012 at all - over such long periods of time. Patterns change, markets change and supply and demand changes.

It is clear that BTC broke out of this channel a long time ago - 2016 to be exact. Based on their analysis of parabolic growth, we would be in the corrective wave formation and have just finished Wave B. This would mean we would return to approximately 2016/2017 levels.

Is this possible? I never say never...but what it is is highly unlikely. What I do believe is that BTC is not in parabolic growth based on this channel.