Well, not sure what's going to happen. I'd say there is a 50/50 % chance which way it goes. It could stay in the symmetrical triangle for a while, or it could break out either to the upside or to the downside. I'm leaning towards the downside, and I have a target of $5000 if that happens. If that doesn't hold, $3000 is the next target. If it breaks to the upside with solid volume, I'd say the bottom was $5900 in February(?). RSI is super weak, and the momentum is very low. It did however bounce of the RSI trendline, whatever that is worth. It did get VERY oversold in the recent drawdown, so a small bounce is no surprise.
Remember, so far this WAVE downwards just represents a higher low on the weekly, and daily for that matter.
Take care!
Remember, so far this WAVE downwards just represents a higher low on the weekly, and daily for that matter.
Take care!