Together with Monthly and Weekly time-frames study, just published, I've prepared also this 2D view, mainly because it presents some key events, which I think are good to point out to. Lets see:
- First one is, clearly, the combined fib retracement levels: 0.786 (from 10.5-6.5k wave) and 0.5 retrc. (from 13.8-6.5k). This was a hard resistance last time we were here, but chances are better now, as we have some good targets to fulfil above. Still, need to close above again.
- Bad luck we have that TD setup resistance line so close, @ 9640. If we hit it on a 2D TD 5, you can bet on pullback.
- Still, uptrend line is below us, so while it's there, things should be ok to continue uptrend. Maybe we need to touch it to get a boost. Losing it is a bad sign.
- If we manage to break higher, more resistance points at TD risk line, 0.786 projection level from Wave 3 (6.8-9.1k), another mid-range phi-based level, lvl from 13.8k, and, finally, textbook Wave 5 projection target: 100% of Wave 3, @~10.5k. That also would be the apex of the we seem to be in.
Will bulls manage to conquer this all? If Weekly and, specially, monthly traders get interested ( pls see previous idea)published, probably yes.
Well, then correction, most likely. A healthy one, though. We'd have completed a textbook 5 leg on the Daily/2D. Then, retracing 0.382 to 0.618 would do no harm (to the trend, at least ;)). It would keep us with a higher low, and looking for the much waited break of the larger downtrend line from 20k.
This will be such a great moment for us all, indeed.
Hope it doesn't take too long.
So, TD trend resistance line held us back as expected, but uptrend line set it straight again. As of now, road to Wave 5 target continues: 10-10.5k.
Let's keep in touch.