I like to play devil's advocate when I have a certain bias. Right now, I see macro bearish on many indicators, so this chart is a potential contradiction to the large bearish structures forming. This fractal assumes final capitulation was the black thursday dump. I'm suspicious that this was final capitulation as I believe fractals and structures point to more time needed to accumulate and push out more retail. However, the large volume spike and large wick may indicate that this was indeed final capitulation and thus accumulation structures are currently forming.
This fractal forms an ABCDE symmetrical triangle, however there is a more bearish scenario that I will post that follows the same pattern with final capitulation in the coming months taking us even lower to 3k support. I believe the more bullish structure has a higher chance of playing out if broader financial market conditions see continued upside. Should global conditions worsen, more downside would be imminent in my opinion and extra capital would be ideal to deploy at these lows.
This fractal forms an ABCDE symmetrical triangle, however there is a more bearish scenario that I will post that follows the same pattern with final capitulation in the coming months taking us even lower to 3k support. I believe the more bullish structure has a higher chance of playing out if broader financial market conditions see continued upside. Should global conditions worsen, more downside would be imminent in my opinion and extra capital would be ideal to deploy at these lows.