The bullish reaction to the big drop 2 days ago started off great, but then really disappointed as the rally fizzled out really quickly. The volumes are dropping and have been riding near the bottom of the "uptrend" channel for most of the day. Based on my wave counts and the current Elliott Triangle Wave, it seems that we are due to retest the bulls at the 6000 level again before the end of today. The uptrend line converges with the major support at the 6000 level and I think this time will provide the final bounce to get through the top of the larger downtrend channel around 6300 that we've been stuck in for a few weeks now. But if we get close to 6000 or below, that would be a major BUY opportunity.
In general, there are a lot of bullish signs longterm, including confirming support levels, but in the shorterm, I am calling one more drop to confirm 6000 as support...and then to the moon.
*Not advice...lol...why do people even type that. Do people really get sued for following advice from some TA hacker on TV?
In general, there are a lot of bullish signs longterm, including confirming support levels, but in the shorterm, I am calling one more drop to confirm 6000 as support...and then to the moon.
*Not advice...lol...why do people even type that. Do people really get sued for following advice from some TA hacker on TV?
Comment:
So we dropped as expected, although not as far as a I thought...and now a bunch more boring sideways action. I took a stab at these correction wave counts and triangle wave counts. So I'm thinking we are in an expanding triangle at the moment, in which case if it gets low enough, may trigger a bullish impulse wave again by noon, that could take us to my previously forecasted 6300 level. Then the battle really begins.
Comment:
Btw, I did update my previous wave counts to try to accurately depict the end of wave "e" prior to the drop last evening.
Comment:
All: Well we open up Monday with some great pricing action. My idea from June 26th has finally come to pass. It did take an extra two days to fall back and consolidate, and then an extra 2-3 days to continue its impulse upward to my target areas. But nonetheless, here we are, continuing in the uptrend channel that had began way back on June 22. Despite a temporary drop out the bottom on the 28th and 29th of June, the bulls had enough playing around with that and that instigated the first impulse back into the uptrend channel, which continues today.
We will have to see how high this 3rd EW wave takes us, but I suspect 6640 will be about the top, where it sits now. Then a healthy protracted correction over the next day or two before the 5th wave will take us to the 6850-7000 range. I do believe we've hit the bottom and upward we go.
As I mentioned in my original idea, " if we get close to 6000 or below, that would be a major BUY opportunity," I did buy in and added 20% to my position when we got below 6000, at 5915 specifically.
Long term bulls and many major players in the market are calling for $25k before the end of the year, and some still calling for $50k by the end of the year. I'd be happy with $25k, wouldn't you?
Have a Great Day!
Ps - I'll post my updated idea here shortly.
We will have to see how high this 3rd EW wave takes us, but I suspect 6640 will be about the top, where it sits now. Then a healthy protracted correction over the next day or two before the 5th wave will take us to the 6850-7000 range. I do believe we've hit the bottom and upward we go.
As I mentioned in my original idea, " if we get close to 6000 or below, that would be a major BUY opportunity," I did buy in and added 20% to my position when we got below 6000, at 5915 specifically.
Long term bulls and many major players in the market are calling for $25k before the end of the year, and some still calling for $50k by the end of the year. I'd be happy with $25k, wouldn't you?
Have a Great Day!
Ps - I'll post my updated idea here shortly.
