Before I get started, let state that this isn’t a short signal. This is more of a mid-term TA to show where the bottom is. This TA has to be one of the most realistic charts out there. We have some calling for 10k and we other people saying that we’ve bottomed out. We will meet in the middle and I’ll explain why. I drew out the Fibonacci Levels from Wave 1 up to Wave 5. We have a fib level (0.786) that levels out at 14.9k along with support there. As you can see, Wave 3 was clearly the biggest impulse followed by wave 5 which topped us out at 69k. We broke the previous ATH because we are in ABC correction that was destined to do the unexpected. We are at an All Time Low on the RSI, but Momentum (indicator on the bottom) on the Monthly Timeframe has not bottomed out just yet. In conclusion, the fib level along with support will bottom us down there. I trust the Elliott Wave Theory and Wave C looks like it’s targeting 14.9k.
Comment:
Yo TradingView, please add an Edit feature.