Fun while it lasted but the good times will return soon!
Well that was fun while it lasted. While many expect this to be wave 4 before a final push to $16k, I suspect we have already completed our 5 wave impulse from the $3.1k lows and we have entered the corrective phase having just completed B wave of a simple ABC zig zag after retracing between 50-62% of wave A. After a rise like that I won't be looking for wave equality for wave C down but will rather be expecting C to extend 1.682 x the distance of wave A.
This takes us to a target of $6100 - $5900 which is a significant level of support which we haven't retested yet even though the $6k support was rock solid support for most of 2018, so it's only a matter of time before we retest that level again which also lines up nicely with our daily MA200.
This move would also make a decent wave 2 of a higher degree, which means we could have significant upside from that level if we can recover above the large trend line support which has acted as significant support since August 2015, having only briefly closed below it from December 2018 to May 2019. This trend line also lines up nicely with the successive highs we had in April 2019 giving it some credibility.
I connected a fib time zone between the November 2013 bull run peak and the subsequent January 2015 lows which gives us our next fib time zone extension on 13 July 2019. This is roughly when I expect us to have reached a bottom (9-14 days time) before resuming the uptrend.
Good luck and happy trading!
Previous chart:
This takes us to a target of $6100 - $5900 which is a significant level of support which we haven't retested yet even though the $6k support was rock solid support for most of 2018, so it's only a matter of time before we retest that level again which also lines up nicely with our daily MA200.
This move would also make a decent wave 2 of a higher degree, which means we could have significant upside from that level if we can recover above the large trend line support which has acted as significant support since August 2015, having only briefly closed below it from December 2018 to May 2019. This trend line also lines up nicely with the successive highs we had in April 2019 giving it some credibility.
I connected a fib time zone between the November 2013 bull run peak and the subsequent January 2015 lows which gives us our next fib time zone extension on 13 July 2019. This is roughly when I expect us to have reached a bottom (9-14 days time) before resuming the uptrend.
Good luck and happy trading!
Previous chart:
Order cancelled:
This looks like a wave 4 type flat correction so although I still think price will drop very soon, I don't see this going below $9-10k and it also means we still have wave 5 and $17-20k to look forward to before any meaningful correction.
