If the bulls are not going to break higher than the 50% Fib right now, then something like this could play out next. Just posting this chart to see if it plays out.
Comment:
Is this the count? I think so....
Comment:
There is a good possibility we are done here with the ABC and may start working our way back up. Which makes sense because we really need to close this week over 10.4 or better to keep things positive going into next week.
Comment:
Or this will just turn into one big wave 4 and we will still seek out the 50% Fib. Hard to say for sure. Obviously if we break higher into the previous wave structure then this was it.
Comment:
It's look like price wants to come on down to at least the 50% Fib Level
Comment:
I don't know if this pattern works on the smaller scale, but if this were a daily or weekly chart this would be an Eve and Adam bottom pattern. It is a similar pattern to watch Bitcoin experienced around $3100 but in reverse.
Comment:
Apparently the pattern works on the lower time frames as well.
Trade closed: target reached