being that the these 5 waves up ended just a hair above the 38% retracement I do not think that this larger wave 4 is finished just yet. As I recently said...Since the larger wave 2 ended under the 50% retracement... I am expecting this wave 4 to end above the 50% and closer to the 61% retracement. If I am correct then the move should resemble something like what I have drawn. So up to around the $10,000 mark and then down for the final larger 5th wave drop. Calling a bottom is not really easy and is kind of ever changing.. So while it is possible to have a double bottom. I am thinking we go a little lower.
Comment:
One last little thought update.
I am looking at the possibility that we simply end the 5th wave in an ending diagnol and follow the red pattern. THe reason why I was thinking that is because I changed over to the daily and it is starting to look impulsive which would fit being that wave 2 was not impulsive.
The daily chart is below.
The daily chart is below.
Comment:
Pardon the clutter...I am not going to erase my short term fib measurements
2nd target is the 100% measurement of wave 3...assuming wave 4 ends around the $10,200 range and would also be the bottom of what could be called the C wave channel (colored blue). And the last, least likely target is the long term uptrend line. You never know...you might get one of those fast capitulation moves