We could be done with the wave up (1-5) and are putting in an A-B-C correction. Wave B has retraced to almost exactly .786 of A, so this could possibly be the start of wave C.
Wave C likely target is around $7.7k, seen with confluence of:
- .382 retrace of the entire structure (this would be pretty in the medium term)
- 1:1 extension of wave A
- bottom of the indicated by the
If these all come true, (go down now, $8.2k to $7.7k -> bounce), we will be in for another strong wave up soon.
- a quick retrace may likely bring us to $8.2k,
- a more extended retrace may bring us to about $8k flat
My sense is that the correction is now over, and we begin the 3rd wave of the cycle.