This idea is based on the belief that the 2019 to March 2020 harmonic is repeating. We can draw two similar proportioned harmonics to the current price action that gives different paths.
This is a follow up to an old idea that so far has held.
One justification for a drop to 11k is the held belief that the current bull cycle is longer and shallower than the previous bull cycle, but economic circumstances mainly Feds' QE infinity policy has overshot the price. The Feds have announced curbing money expansion. Add to that China's ban on crypto.
Another justification is that there are plenty of CME gaps and inefficiencies remaining to be filled. I have shown in the past that the 9.6k gap and below have been closed by the CME internally.
This is a follow up to an old idea that so far has held.
One justification for a drop to 11k is the held belief that the current bull cycle is longer and shallower than the previous bull cycle, but economic circumstances mainly Feds' QE infinity policy has overshot the price. The Feds have announced curbing money expansion. Add to that China's ban on crypto.
Another justification is that there are plenty of CME gaps and inefficiencies remaining to be filled. I have shown in the past that the 9.6k gap and below have been closed by the CME internally.
