We have bounced off of the .5 fib cluster into the .382 fib cluster while also breaking out of the descending wedge. I expect that we should retrace to the .5 or .618 of the down move from $69K to $32K, which would put us in the $55-56K range. It's interesting to note that the time-based fib extension puts the .618 on 2/22/22. We could be hitting two different .618s on 2/22/22. If we use the bars pattern to copy the run from $30K to $60K as a fractal you can see how we could get there. The market can do whatever it wants, but this seems like a very plausible scenario. Remember my original idea
is a long-term trade and all of the stuff in between the halfway back and the -.236 is meaningless.
Again this is just my analysis and not advice or even necessarily a trade setup.
Again this is just my analysis and not advice or even necessarily a trade setup.
Comment:
We have fallen out of the fork and looks like we have done a retracement of the upthrust finding support in the .382 fib clusters. Still on track to hit $50K-$55K by 2/22/22.
