If the price finds support at this level then bullish divergences will be visible on the 1H, 2H, 3H, 4H and 6H charts on RSI and MACD. If this happens then i will consider that the ABC correction (WAVE 2) of the 5 waves up (WAVE 1) from 6k to 11.7k is complete and i will target at least a 1 to 1 extension of WAVE 1 which is at 11.8k.
Wave 1 6k - 11.8k
Wave 2 11.8k - 7.3k (~ 0.786 retrace)
Wave 3 11.8k (at least 1 to 1 extension of wave 1)
Wave 4 small retrace because Wave 2 retraced to ~ 0.786 level (assuming the correction ended at 7.3k) but it could also send us down creating a wave failure if we have a tripple top
Wave 5 (if wave 3 is only a 1 to 1 extension of wave 1 than i will target the 1.61 extension for wave 5)
Wave 1 6k - 11.8k
Wave 2 11.8k - 7.3k (~ 0.786 retrace)
Wave 3 11.8k (at least 1 to 1 extension of wave 1)
Wave 4 small retrace because Wave 2 retraced to ~ 0.786 level (assuming the correction ended at 7.3k) but it could also send us down creating a wave failure if we have a tripple top
Wave 5 (if wave 3 is only a 1 to 1 extension of wave 1 than i will target the 1.61 extension for wave 5)
Trade active:
IMHO the correction is complete and now (if there is no wave failure) we will go in 5 waves to at least 11.7k.
Comment:
(small error, the 1 to 1 extension of wave 1 is at ~ 13k, the 0.786 extension is at 11.8k and this is my first target because it might create a triple top and send us down again)
