We are in wave 3 of 3. Which means we are due for a correction now i.e. wave 4
Wave 2 corrected to 0.786 fib levels. Hence wave 4 will only retrace till 0.382 or 0.5 fib levels.
Which means the price might fall between $7500 to $7700.
And then the final impulse wave 5 will be till $8400 - $8600 range.
All said and done, there are a lot of bull and bear traps in the market these days.
The impulse wave from $6900 to $8000 had many shorts liquidated. I personally know people who have lost up-to 60% of their investments.
Shorting the market is not preferable now.
Trade Safely and smartly.
This is not a trading advise, just my calculations for now.
Comments are more than welcome.