I tried to make a self explanatory chart but i'll highlight few important things:
1) well, obviously we are in a huge down-trending channel (Red).
2) we are waving inside this channel and we already completed wave 1, 2 and 3.
3) by the formation of these waves we can assume we have a pattern emerging. which is a very good sign of a Trend Reversal.
4) wave 2 and 4 are always correction waves and move against the main parent channel. so we have two small channels (Green) which contain the correction waves. the reversal won't happen until 5th wave emerges completely.
5) Wave-trend Oscillator indicates a crossover might happen. this will make me more confident about the completion of wave 4.
6) i will wait until wave 4 is done, then MAYBE I open a short position. but if wave 5 emerges and hit the target i will DEFINITELY open a long position.
but for now, let's see what happens.
I decided to update this with a slightly different idea which @mhfcrypto mentioned in the comments. Indeed this is more probable than my original idea. So if this turns out to be right all credit is his.
By the way, I think this worths mentioning.
So forget about the Wolfe wave and look at this as a bearish 12345 Elliot wave. Like @mhfcrypto mentioned it looks like we are having our 3rd wave on the runway and it’s huge.
What is interesting to me is the Fibonacci Retracement levels and the Fibonacci Timezones are confirming this wave almost perfectly.
I think it’s now obvious enough that we must continue our downward movement.
-I mean just look at the Divergence in Price and Volume, you can see it easily in the OBV compared to price, it means low buying pressure.
-Parabolic SAR is way up in the sky and we have 20 day EMA as resistance and of course even moving passively in this channel means going down.
I don’t know about the final bottom price target, I think it all depends at the 3K Support level and how it can handle the bears.
My Price Target is around $2300, however, we will probably perform to the downside, touching around $1800.
Let's see what happens :-)