I enjoy seeing patterns play out over time. I think that the top might be in and we can compare our current position to the same spot in 2018.
I used the bars pattern tool to copy the exact price action from the first wave down after the 2017 top, then pasted it to our current position.
I find it interesting that it even lines up well with my fib retracements of this local swing.
What do you think?
Is the top in?
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I still believe the top is in.
Still playing out rather similar. I do think there is a possibility that we come off my .50 fib and exhaust back up. I would look for 34-36k as resistance. If that holds as resistance. We will see 20k quickly.
Stay tuned.
More updates to come.
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Updating this!
Well, it certainly started off very similar. But this has now been invalidated.
I think you are on to something here. There has to be a heavy retracement from here before we pick up again. Look at the cycle time are each approximately 1 month. The last peak started on the 12th and ended on the 17th, this time round, started on the 11th and ended on the 8th.