Appears to me that for years there was a sideways consolidation, which bottomed in 2016. Then a strong move up, therefor the following questions:
1. Is this a new bull market and we have had W1 and are now (ending?) W2 at the 76 fib retrace level?
2. If not, have we had a strong upward A, now in B, yet to come strong upward C to break A highs?
3. An X wave of some sorts with lower prices to follow?
I don't know all the rules of EW in my head so happy for comments, however, if this is just an X wave, then can price really go back to less than a dollar, which might be the case if this is an X wave??
1. Is this a new bull market and we have had W1 and are now (ending?) W2 at the 76 fib retrace level?
2. If not, have we had a strong upward A, now in B, yet to come strong upward C to break A highs?
3. An X wave of some sorts with lower prices to follow?
I don't know all the rules of EW in my head so happy for comments, however, if this is just an X wave, then can price really go back to less than a dollar, which might be the case if this is an X wave??
Comment:
Forgot to mention, the dashed line lines up a possible previous W4 with the 2016 low... ie. the whole sideways irregular bear market (assumed it finished in 2016) could be a huge W4. That is, W4 of higher degree lining up with W4 of lesser degree. Just another possibility, which could mean we are now in W5 of higher degree (with prices to go up dramatically in the years ahead), and if so, possibly bottoming in W2 of a lesser degree.
Also, looking at %age decline, from the high of approx $55 to the low of approx $6 is approx a 90% decline... that may be enough to end the long irregular sideways bear?