I agree with your view though my targets are slightly different.
malk
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@bagofXMR, That zone is definitely likely due to the fact that we do not have clear resistance zones until 7.5-8k.
One thing is for sure, we aren't resuming the upwards trend without a capitulation sell off followed by serious volume recovery.
TheFinancialOprah
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@bagofXMR, the correction will take almost a year to complete?
bagofXMR
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@TheFinancialOprah, potentially even more. As i see it we could be whole 2018 going down/consolidating 2016-2017 earnings. And retaking the uptrend in the first quarter of 2019.
Unless 2017 was like 2012-2013 and we see a major bubble in second half of 2018 in a the last quarter of 2013 fashion.
Yeah i know, i'm basically saying everything can happen. But that's how the market is. Everything can happen.
TheFinancialOprah
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@bagofXMR, thank you so much!!! I am pretty familiar with elliot waves. I just was not sure how long the ABC correction back to the $7000-$9000 range
I agree with your view though my targets are slightly different.