Furthermore, if we look within our Wave C and count the subwaves (Pink Lines) we can see that this Wave C is also made up of another smaller correction, and ending at $9160 would also make this smaller Wave C .618 of the smaller Wave A (both drawn with Pink Lines).
For educational purposes only, entering a trade here would give us a very good risk to reward ratio. We would place a stop-loss at $9050 (going below about $9090 would invalidate this count as our Wave 4 would overlap Wave 1 high point) and enter long between now ($9300) and $9160. Upside is huge as our Wave 5 is likely to be extended since our Wave 1 and Wave 3 were not extended. This extension can take us to 13k or higher levels giving us a 1:10 (or higher) risk to reward ratio.
Wave 5 targets will be determined once Wave 4 ends (unless of course the idea is invalidated).
Finally, after this Wave 5 ends we can expect a larger correction that takes us to sub 9k levels (Hence the "LOOK OUT BELOW!" part). Ideally we want to exit the trade as close to the end of Wave 5 as we can and re-enter at sub 9k levels.
***PLEASE NOTE, THIS IDEA IS FOR EDUCATIONAL PURPOSES ONLY AND IS NOT FINANCIAL ADVICE. PLEASE DO YOUR OWN RESEARCH***
Expecting a drop very soon. If this plays out, it would mean this first giant rising wedge was Wave 1 (of 5) of the 5th and final wave up before a larger correction. The drop that I believe we are about to see will be Wave 2, and Wave 3 will start after. This would mean we should see 12-13k levels easy, as Wave 1 took the form of a leading diagonal and was much larger than I had originally anticipated.