I'm not convinced of this pump, it shows some potential to go further up but i'm skepitcal.
If, I follow the elliott wave principle which is quite clear at the beginning of the bear market starting with an easy to spot 1st, 2nd and 3rd wave. Afterwards things are not as clear anymore as the 4th and 5th wave are not easily identified.
If we presume that the A wave after the bottom of the 3rd wave is in fact the 4th wave then logically the 5th wave would be the following B wave ending in the 1.256 extension which is a potential target for set 5th wave. Although, I find in this scenario the 5th wave to be a very strange one. Therefore, I think we are yet to see our 5th wave and that we are currently only in the 4th wave as shown on the chart that could go up to around §25000. Another 50% drop as the 5th and final wave makes much more sense to me than a strong bullish scenario like the one we had in 2019.
Any thoughts of people who understand elliott wave better as to why the 5th wave is already completed or yet to come?
If, I follow the elliott wave principle which is quite clear at the beginning of the bear market starting with an easy to spot 1st, 2nd and 3rd wave. Afterwards things are not as clear anymore as the 4th and 5th wave are not easily identified.
If we presume that the A wave after the bottom of the 3rd wave is in fact the 4th wave then logically the 5th wave would be the following B wave ending in the 1.256 extension which is a potential target for set 5th wave. Although, I find in this scenario the 5th wave to be a very strange one. Therefore, I think we are yet to see our 5th wave and that we are currently only in the 4th wave as shown on the chart that could go up to around §25000. Another 50% drop as the 5th and final wave makes much more sense to me than a strong bullish scenario like the one we had in 2019.
Any thoughts of people who understand elliott wave better as to why the 5th wave is already completed or yet to come?
Comment:
C wave in an expanded flat correction tends to move around 162% of wave A, which will give us a 70% move for wave C. So, 26000 might be a reversal point. I would want to see a clear 5th subwave in wave C and strong rejection before assuming this will play out. The 50 and 200 week moving average are around this level and so they could offer resistance as well.