We seem to be in Wave 3 of an elliott wave starting in mid july (purple line). Within this Wave 3 we see a smaller elliott wave (pink line) in which one of two paths is likely. Both possibilities are likely to hit ~$4650 before seeing some resistance.
There seems to be good support at around $4225 so if we see some downward trends in the next few days that is where I'd expect it to turn around and head towards the target of ~$4650.
** I have only recently started looking into technical analysis and have taken it upon myself to post semi-regularly for practice. Comments and critiques gladly welcomed. I would especially appreciate conflicting analysis ideas.
There seems to be good support at around $4225 so if we see some downward trends in the next few days that is where I'd expect it to turn around and head towards the target of ~$4650.
** I have only recently started looking into technical analysis and have taken it upon myself to post semi-regularly for practice. Comments and critiques gladly welcomed. I would especially appreciate conflicting analysis ideas.
Comment:
Looks like we dipped down a little faster than I expected. Given the momentum, I wouldn't be surprised to see the price fall to ~$4100 before consolidating upwards.