If it bounces off support and breaks up thru resistance channel
then that augers well for the start of the third wave of an 5-Wave uptrend.
Bouncing off the 6000 support rather than breaking down thru it
will confirm the completion of the ABC correction wave
Wave C provided the 6000 support and start of Wave One of the 5-Wave uptrend.
We will soon see how this plays out over the next 5-6 days :)
then bounce through the 7000 - 7295 parallel downtrend resistance.
If so, we may well then have the start of Wave-3 of an Elliot 5-Wave major uptrend.
Have a great weekend and lets see how Mon - Thur next week look :)
Breaking through the 6000 support will nullify the ABC waves.
Wave C that formed the 6000 support will now become Wave A
Wave 1 will then become Wave B
And the break through the 6000 support will become Wave C
Where will Wave C turn?
How low will it go?
Will Wave C be of similar length/depth as Wave A?
Will it be shorter?
If shorter, then probably wont see too much shorting,
maybe to within the 5000 to 3687 range.
If longer/deeper, then could see a lot of panic shorting
to 1000 + / -
Wont that present a great buy-in opportunity :)