Good morning, traders. I said I would post a bearish case today and I will a bit later. I forgot that I have an AMA for our free and paid Discord members this morning. So, for the time being, here's a quick view of what I'm looking at now that we've had our initial move down.
I suspect that Wave A has completed now and we are on Wave B. I am looking for this wave to target the green box which gives us a 61.8% retracement as well as the R1 pivot on the 15 minute chart. It is also the target based on the height of the descending channel which price recently exited. The three red lines give the likely Wave C target. Of those, it would seem that the middle one is the most likely as it aligns with the daily R3 pivot as well as the daily 21 EMA. It would also provide a spring for the current TR. Because this is wave 4, we should expect that the TR is re-accumulation. That being as it is, we could see price find support at the upper red line which would keep it above the ascending green channel's resistance and print an LPS rather than a Spring. It really depends on how much demand we have in the area. It is also possible that we see the candle body supported at that area and a wick down on the daily toward the middle red line for the aforementioned spring.
For now, on the 15 minute chart, price is flagging and we may see it reach ~$5200 before correcting a bit, toward $5025-$5060, and then finishing its move up toward the green box. We can see price head higher than that green box with the daily R5 pivot providing a $5313 target.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
I suspect that Wave A has completed now and we are on Wave B. I am looking for this wave to target the green box which gives us a 61.8% retracement as well as the R1 pivot on the 15 minute chart. It is also the target based on the height of the descending channel which price recently exited. The three red lines give the likely Wave C target. Of those, it would seem that the middle one is the most likely as it aligns with the daily R3 pivot as well as the daily 21 EMA. It would also provide a spring for the current TR. Because this is wave 4, we should expect that the TR is re-accumulation. That being as it is, we could see price find support at the upper red line which would keep it above the ascending green channel's resistance and print an LPS rather than a Spring. It really depends on how much demand we have in the area. It is also possible that we see the candle body supported at that area and a wick down on the daily toward the middle red line for the aforementioned spring.
For now, on the 15 minute chart, price is flagging and we may see it reach ~$5200 before correcting a bit, toward $5025-$5060, and then finishing its move up toward the green box. We can see price head higher than that green box with the daily R5 pivot providing a $5313 target.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
Comment:
There is also the descending broadening wedge in blue whose target could take us about $30-$40 higher than the $5200 I mentioned.
