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W1: first impulsive wave (5)

W2: first corrective wave (3)

W3: second extended impulsive wave (5)

W4: second extended corrective wave (3)

W5: next up

W2 and W4 tend to alternate between a relative sharp and flat correction:

W2: retraced to <0.272 retracement of W1 (Sharp)

W4: retraced to the terminus of the iii-iv correction wave contained within W3. (FLAT)

W5: next up

Invalidation: Whenever W4 enters territory of W1, i.e. price drops below $45

Could W4 retrace deeper? Sure there's a lot of room between the current low and the top of W1, but since W2 was a sharp correction, W4 is likely to be a flat correction and qualifies as such. Furthermore it fulfills the following characteristic:

"Depth of Corrective Waves - No market approach other than the Wave Priniciple gives a satisfactory answer to the question how far a bear market can be expected to go. The primary guideline is that corrections, especially when they themselves are W4's, tend to register their maximum retracement wihtin the span of travel of the previous iv-wave of one lesser degree" - Frost and Prechter

If $BNB would fall below the red horizontal, W4 bottom targets lie at 0.618 and 0.5

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