Many people talking about the bear flag, so I am expecting a reversal/short squeeze soon.
In this idea we have made a 3 wave move down from the ATH, since I am not under the impression 32.9K was the bottom after all I labelled this ABC down into a larger W wave. Another 3 wave move creates the X wave, before the final Y wave (another 3 wave move) will be put in.
Specific to the X wave, I labelled this as an ending expanding diagonal for the smaller wave C of the flat correction.
Wave 5 of the diagonal doesn't have to meet the requirement of beeing longer than wave 3 in terms of fibonacci extension, but should extend beyond wave 3. It is also known that the 5th wave of the diagonal doesn't always hit the upper trendline, so everything above 48.200 USD is a valid target. However, there is loads of confluence just above 50.000 USD so that will be my primary target.
Credits to @ChartChampions for the horizontals.
In this idea we have made a 3 wave move down from the ATH, since I am not under the impression 32.9K was the bottom after all I labelled this ABC down into a larger W wave. Another 3 wave move creates the X wave, before the final Y wave (another 3 wave move) will be put in.
Specific to the X wave, I labelled this as an ending expanding diagonal for the smaller wave C of the flat correction.
Wave 5 of the diagonal doesn't have to meet the requirement of beeing longer than wave 3 in terms of fibonacci extension, but should extend beyond wave 3. It is also known that the 5th wave of the diagonal doesn't always hit the upper trendline, so everything above 48.200 USD is a valid target. However, there is loads of confluence just above 50.000 USD so that will be my primary target.
Credits to @ChartChampions for the horizontals.