PIVX Putting Up A Fight

PIVX is forming a classic pattern. We have 2 scenarios. A preferred scenario which is current, or alternative scenario which is possible.
First we notice a short term double top. Market did correct in past few days but this is normal with every market. Don't call the sky is falling. It's not, well at least not yet.

Scenario 1: Light Blue: Nice noticeable flag pattern. A pole to commence wave 1, a zigzag ab=cd pattern Wave 2, and a commencement at flag break out of wave 3, with a 5 wave expected expansion. This is what we want!

Scenario 2: This current trend could also meet a rectangle ab-cd which means current price and still fall away to challenger the bottom of AB wave. If this does we need to look for divergence on MACD, then some volume to support a candlestick reversal. Remember this can then challenge the top of this pattern. If it breaks out, the trend will begin to either form a triple top, or pass through to extend.

Key notes:
-Triple top is not out of the question.
-Scenario 1 means we could be in the beginning of a wave 3. (currently in waves of lesser degree within wave 3)
-Scenario 2 means this could still drop, at that point look for divergence and volume

Please leave feed back. I love to continue learning so feel free to send constructive criticism.