After hitting targets for Wave 5, we are now in an ABC correction. Plotted are two possible pathways for the retrace already under way. Thus far the retrace looks to be of average "energy" of consolidation.
Plotted are the 3 "Impulses" which caused the 4 wave rally. Next we had an corrective Impulse in Red pushing downward. In ABC corrections, wave C may or may not have a new Impulse.
I think we are in wave C now, but still a bounce for higher B is possible. $ 8100-8124 would be the ideal zone from which to see a strong bounce. $ 8018-8041 is crucial support that is best not even tested, let alone breach.
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Part of my ongoing BTC analysis, since the 2018 BOTTOM in last link below (click): (just hit Perfectly) (tight zones plotted) (perfect bounce) (early but valid) <=Perfect TP <=Perfect TP <=Perfect Entry (the EXACT bottom)
Of course, I have had total FAILS on some ideas too, not going to pretend. But all of my plots show PRECISE entries, TIGHT stops, and EXACT targets. Precision is the way of the Fib. Almost every turn happens at a Fib Line.
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Ping perfect kiss of the top boundary of support zone
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Ping again. Only on the bottom boundary of first support zone I do NOT think this zone will hold, but pings on both boundaries makes it more likely the NEXT zone might bounce it.
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I guess we can rule out the 'alternative' ABC with a higher B. I have removed that path, and the remaining path still seems quite valid and quite possible
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turning into a decent BOUNCE thus far Still under the influence of the Red Fib pushing downward... I will be quite surprised but pleased if this zone actually holds and we get new highs from here ...
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Nice, support still holding and the bounce still growing
Zooming in Notice the exact bounce on the confluence of fibs (red 5.236, grey -0.236). And the overall action of walking up each fib line.
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wow, so that first support held, and has bounced it back to the original resistance that resistance "should" break this time. If not, bulls are nowhere near as strong as this bounce implies.....
First time in a while I disagree with you. I had that 5wave as C of expanded flat wave 4 of a big C down from the 14k high. Now looking for a drop to mid or low 7k. Sorry no chart for visual.