Rising Wedge Breaking to Downside to Complete Wave C
Were you surprised by the the A wave that wicked down to 47k last night? Over a billion dollars of liquidations occurred so many people were. If you compare the same structure at the same time in the bull market in 2017, you'll see we are in a rising wedge that began weeks ago and we just completed Wave 5 (elliott wave). So, the A wave down to the bottom of the rising wedge was completely expected. If you look at my other ideas, you'll see I've been tracking this for some time with various forms of confluence and it lines up very well.
In the near term, I expect the B wave to represent the top of this current cycle somewhere around 63k or at the 2.618 fib extension as noted in the chart. The C wave down may wick all the way to 39k. After this C wave, its parabolic madness from there on out with the bounce forming another rising wedge that will break to the upside, taking us to 80k and beyond.
In the near term, I expect the B wave to represent the top of this current cycle somewhere around 63k or at the 2.618 fib extension as noted in the chart. The C wave down may wick all the way to 39k. After this C wave, its parabolic madness from there on out with the bounce forming another rising wedge that will break to the upside, taking us to 80k and beyond.