Im bullish for the short term
But bearish for med term
Anyway
What we see in the chart is a clear motive wave
This is really good because it helps a lot to predict the next movement
So after this one end its so important to watch the structure of the next move
That could change my view
Lets talk more about the chart
As u see the price goes through the channel with a good momentum
As a waves this is usually the strongest wave
After the 3rd comes the fourth wave
This one is usually not sharp
But if we look to the rsi and the way the 3rd wave moved it could be more than a small correction
I think the best target for the fourth wave is ~18500
But numbers around the channel top are good too
~19400 is good target too
After those targets a last wave will come
That wave could go to ~23400
~24700
the 5th wave could faild if that happened i will make quick update under this page
5th wave could be a weak one so dont expect a lot from it
When the 5th wave comes we will be able to see a obvious divergence in MACD, RSI, VOL
There's a weak scenario that I want to mention
What if we just start dropping from here in 5 waves
In other words what if there's no wave 4
Will that will be impressive & it means it was only 3 corrective waves
Thus scenario is stupid i just mentioning that to answer some thoughts
the structure of this wave the difference between the wave 1 & 3 the way it goes through the channel and more
It is obvious motive wave as i said
After those 5 waves end i will make update
I'm bearish overall but for short term im gonna take some of that
But bearish for med term
Anyway
What we see in the chart is a clear motive wave
This is really good because it helps a lot to predict the next movement
So after this one end its so important to watch the structure of the next move
That could change my view
Lets talk more about the chart
As u see the price goes through the channel with a good momentum
As a waves this is usually the strongest wave
After the 3rd comes the fourth wave
This one is usually not sharp
But if we look to the rsi and the way the 3rd wave moved it could be more than a small correction
I think the best target for the fourth wave is ~18500
But numbers around the channel top are good too
~19400 is good target too
After those targets a last wave will come
That wave could go to ~23400
~24700
the 5th wave could faild if that happened i will make quick update under this page
5th wave could be a weak one so dont expect a lot from it
When the 5th wave comes we will be able to see a obvious divergence in MACD, RSI, VOL
There's a weak scenario that I want to mention
What if we just start dropping from here in 5 waves
In other words what if there's no wave 4
Will that will be impressive & it means it was only 3 corrective waves
Thus scenario is stupid i just mentioning that to answer some thoughts
the structure of this wave the difference between the wave 1 & 3 the way it goes through the channel and more
It is obvious motive wave as i said
After those 5 waves end i will make update
I'm bearish overall but for short term im gonna take some of that