Here we can see that around July 16th the impulsive 1-2-3 move up breaks the downtrend.
This is followed by a short a-b-c correction which then breaks the short term trend and tests the price around $3000.
Following this a short impulsive moves reaches and breaks the -0.27 headed towards the -0.618.
If we analyze the bigger wave, it becomes clear that the current leg is the 3 wave and could stop at the -0.618 and begin to correct, or it could make
a 4-5 leg finishing the full 1-2-3-4-5 move and coming down for a correction. I would keep an eye on the -0.618 and if it provides heavy enough resistance the price should consolidate and receive some support around the $3200 mark. Should it break past $3650 I would take the short term ride looking for around 5-10% gains.
This is followed by a short a-b-c correction which then breaks the short term trend and tests the price around $3000.
Following this a short impulsive moves reaches and breaks the -0.27 headed towards the -0.618.
If we analyze the bigger wave, it becomes clear that the current leg is the 3 wave and could stop at the -0.618 and begin to correct, or it could make
a 4-5 leg finishing the full 1-2-3-4-5 move and coming down for a correction. I would keep an eye on the -0.618 and if it provides heavy enough resistance the price should consolidate and receive some support around the $3200 mark. Should it break past $3650 I would take the short term ride looking for around 5-10% gains.
Comment:
Forgot to mention that the divergence within the MACD indicates it may see some correction around the -0.618