The short term wave count is pointing to not only a break of $5000, but also a substantial break above $5000.
The rise from $2980 low to wave 1 was $1138. The next rise was $994. This is shorter than the first - by Elliot Wave rules - Wave 3 must be longer than wave 1.
The rise from $2980 low to wave 1 was $1138. The next rise was $994. This is shorter than the first - by Elliot Wave rules - Wave 3 must be longer than wave 1.
Comment:
Further evidence of a sizable break - I don't see any extensions yet. These could appear in the final 5th wave.
Comment:
The next rise should take the price into the $5100 range.
Comment:
Outlook remains unchanged. Break of $5000 for a target range of aprox. $5100