Both variants are possible in my opinion and must be observed.
An upward correction would mean that after completion, another sell-off towards black Alt (4) starts. Only with the completion of this potential sell-off, a re-entry long makes sense.
On the other hand, a new impulse (blue circled i,ii,iii,iv,v -) could have already started from the low at the black (4). Then, however, the blue wave iii would have to lead to a fast strong rise and indeed beyond 42,650 USD and thus form new all-time highs.
Difficult decision and it is now to continue to watch carefully and heed the set alarms. In case of doubt, the short-term use of the sidelines is the better decision. (Applies to short-term oriented traders, because the new all-time highs will come and is currently out of the question for me and Hodl'er simply hold and ignore the short-term intermediate skirmish).
Greetings from Hanover, Lower Saxony