Next up, there is the Kumo cloud. We are inside of the cloud now, and usually the borders of the cloud act as . Also, usually price-action "exits" the cloud on the opposite border from where it entered. If we apply these rules, we can see that the bottom of the cloud coincides with the 0.5 fib retracement (around $8500) of bigger wave 1, and is also a 1:1 extension of the A-wave , considering we get rejected soon at the trend-line around $9500 to start wave C. So the area marked "Target 0" is a heavy confluence zone and likely correction target, before a possible bigger Wave-3 starts.
At that moment, we are facing the upper border of the kumo-cloud which again coincides with a nice 1:1 extension of the bigger Wave-1. But that area ($11600) is also a critical, historical , where we will only get through with enough and momentum. The kumo cloud could as well act as added resistance in that case, and we could get rejected HARD! In that case it is even possible that we end up crashing back down to the 6-6.5k area, and if that happens, I doubt it will hold this time.
Please be aware that I am a noob, am not giving financial advice and I am probably totally wrong anyway. Trade safe.