Hey guys, as you can see we have a strong confluence around three zones.
1) The buy zone in the orange box 2) The area around 11.5k, at which price already made a double top few months ago. It is marked as the 1st TP 3) The area between 12K-13k, especially between 12K and 12.2k
For a potential AB=CD pattern to complete, we need to see price hitting the zone between $12.1-12.k. Additionally seeing price reaching this area, would also fulfil the minimum requirement of wave (c) being equal in length to wave (a). However, an extended leg could take us higher to the top of the orange box at around 13K - but that is, at the current moment not that important.
Long story short, I am considering the current leg down to be part of a correction only. Therefore, I expect that we see price bouncing right at the marked buy zone.
Safe trades! Bud
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Buy zone has been hit to the T! Might see price building a bottom over the next few days - but at the end I am still expecting the next bullish impulse to begin soon, as the minimum requirements have now been met and structure is overall looking solid!
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Still bullish biased. As you can see on the chart, the area of 7800-7700ish has the most confluence. We could also see a spike to the 7600ish region, to close right back above 7700
What about that impulse, and the broader market? Enough bleeding? Still blood left to bleed?
BudBronson
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@cyberholz, The correction went longer than expected. However, this idea is still valid and I am still holding on to my bias. Objectively speaking, there is still blood left to bleed till max. the recent low at 6.4k. Do I expect price to fall this hard? At the time of writing no. May I be wrong? Yes. Do I care? No, because I still do expect price to take out the recent high - no matter where it will bottom in the coming hours/days.