I think the correction is still in play but usually there's a tendency for anothe touch of triangle's bottom. That would be max 10000$. More trade war, more economics negative outlooks...
I talked about the Fans and the forces related to each of them in the recent comment of "position for risk takers" post (see related ideas section below). Noted that I didn't move the rectangular zones after fans adjustment, but never mind I'm too lazy for that :lol: So we are in red zones and we thought that it would come back to bull cycle (dark purple and blue upward fans) after reaching yellow zone (it's almost brown :lol: guess should adjust colors too :lol:). That could be the case but not sure yet. Although Elliott waves count is suggesting another bear wave, but there're more scenarios that are probable too. We could consider this as a corrective wave not impulsive. Then it's almost over and we should watch carefuly for starting another positive impulsive wave. How is that? Price broked triangles pattern and based on what happens it should fall more than that. So why we should consider another scenario for that? You know why. TA is a very tricky art that needs flexibility. In every moment you recognize many patterns that formed or forming. Add that every patterns has not a unique interpretation. So in every moment we may have at least around 5 interpretation and projections. Here's an example:
You see the flag. It did a first try of breaking it. Will do more too. Scary isn't? :lol:
We should get use to periods like this with mixed signals (fundamental or technical). Means getting use to dear Trump, to trade war, to BREXIT, ...
See you soon :)
Here in this chart I show my exclusive signal algorithm, result of a co-work with a dear friend, that shows bear signals these days. These signals are coded as "co" and "cu" with different numbers. So interpreting it is not an easy job but we created this and we are the gods of it :D
If the forces don't show up, then we waiting for 5th EW.
Let me add this about our signals algorithm, it may says reversal but the magnitude will be shown after entering the reversed trend.
Have best trades.
First this is the triangle that I suggested. The way price reacted to it's boundary is an artistic scene! :D
Did you know I actually thinking about this channel since 15 Aug? on this chart:
Anyway, what happened to the green and blue forces? They couldn't hold it! And as we said on last update: "If the forces don't show up, then we waiting for 5th EW."
But you may criticize me for saying there's reversal signals. They way I work with my exclusive algorithm is very dynamic, I always note that in my analysis, and here I wanna show you what happened in this week and what my signals said during this period.
Specified four circles (Ellipses actually :D) here; white is where we were in last update talking about probability of reversal, blue is where the green force acted once, orange is where I would be certain that the reversal projection is not relevant!(highlighted the signal code not the price zone :D), and yellow is where we can be certain a big bear is coming if we only relied on the fans power.
So what is the next move? It's 01:33 now and I'm sleepy :D
Have best Trades.
As I believe, lines aren't important, but zones are. so minor leaks and penetrations should be watched not judge too fast! In the main chart you see price is now on the Long-term channel's low. I feel there may be more falls, to 4K or 3K even. Let's watch...
Have best trades.