First of all in case the ProShares is approved (doesn’t sound like people belive this is likely) then this v-shaped bottom idea is out the window obviously! Also if the ProShares is declined/delayed I am unsure how much hype would remain in the market?
The low of the v-shaped bottom is purely approximated from the height of the head outlined in bibboyne idea (see related ideas). Actually the height of the head suggests a bottom below 4K. However if you draw Fib retracements from the 20k top to a 4k bottom in my opinion things align fairly well but please feel free to give feedback on this point also.
One assumption that I am making is obviously that we can take out 5.8k-6k .
The related idea that would also in my opinion align with a upcoming downturn is based on price and alignment of 50D MA and 100D MA (see related idea).
SEC dates is taken from previous bibboyne idea. Thanks bibboyne.
Please voice your opinion and give input/feedback. For example I am no expert so it would be interesting to hear from some of you guys if this setup aligns with wave counts.
Good luck everybody.