Taking some eliot wave theory into account and adding in resistance and support levels we see the following.
MACD and RSI are currently slightly on the overbought side, and look as if they will come down in the short term. Eliot wave theory tells us that from the first wave up which started at around the 9000 level we will now go back down to the 10k level which coincides with a level of support.
I have drawn many different levels of support and resistance on the chart to help get a better idea of where we might stall and or stop on the way up.
Eliot wave coincides almost perfectly with the levels of support and resistance I was able to find. The only level unaccounted for was the third wave which I estimate should see a correction at around the 12,2 level. This is of course a guess and might actually be a little higher on the corresponding resistance line.
Fibonacci shows and reinforces the different levels of support and or resistance.
Get ready to fomo guys in the short term we are going up!
Of course not to be taken as financial advice.
MACD and RSI are currently slightly on the overbought side, and look as if they will come down in the short term. Eliot wave theory tells us that from the first wave up which started at around the 9000 level we will now go back down to the 10k level which coincides with a level of support.
I have drawn many different levels of support and resistance on the chart to help get a better idea of where we might stall and or stop on the way up.
Eliot wave coincides almost perfectly with the levels of support and resistance I was able to find. The only level unaccounted for was the third wave which I estimate should see a correction at around the 12,2 level. This is of course a guess and might actually be a little higher on the corresponding resistance line.
Fibonacci shows and reinforces the different levels of support and or resistance.
Get ready to fomo guys in the short term we are going up!
Of course not to be taken as financial advice.
Comment:
New and improved chart:
