As explained in the previous analysis, the bigger time frames could get influenced by the macro-economic environment.
In this case, the BULL Cycle wouldn't really be over. We could be forming a potential irregular correction ABC (B goes above the the previous top).
This is actually a BULLISH sign for the next incoming wave. This is why I've put an extension for the next sub-wave 5 to complete our bigger wave 3 of this BULL cycle.
C waves are usually extremely powerful and the move could happen pretty swiftly. Looking at the macro-economic-pandemic environment, this could pretty much play out like a REMAKE of the previous COVID CRASH.
This is obviously speculation at this stage but on bigger time frames, you want to also look at potential external factors that could influence your analysis.
This would be a great opportunity to re-enter in the mid-20k region for investment purpose.
27k - 25k targets (smaller RED BOX) are the normal projection of an irregular (expanded flat) correction BUT C wave could also go lower.
In this case, the BULL Cycle wouldn't really be over. We could be forming a potential irregular correction ABC (B goes above the the previous top).
This is actually a BULLISH sign for the next incoming wave. This is why I've put an extension for the next sub-wave 5 to complete our bigger wave 3 of this BULL cycle.
C waves are usually extremely powerful and the move could happen pretty swiftly. Looking at the macro-economic-pandemic environment, this could pretty much play out like a REMAKE of the previous COVID CRASH.
This is obviously speculation at this stage but on bigger time frames, you want to also look at potential external factors that could influence your analysis.
This would be a great opportunity to re-enter in the mid-20k region for investment purpose.
27k - 25k targets (smaller RED BOX) are the normal projection of an irregular (expanded flat) correction BUT C wave could also go lower.