This pattern is not even close to being complete, and there is major upside potential as bears have shown extreme weakness at halting this move.
The parabolic pattern:
This is most likely a parabolic pattern and there have only been 3 bases to this parabolic move, this means that there is still a high probability that the price can at least double from the price given at the 3rd consolidation. The price of the 3rd consolidation is 7.5 which can be seen in green, thus, it is highly probable that the price objective is estimated to be approximately 15k, if the price triples, I'd expect to see a move to 21k, however, it is important to note that most parabolic moves end with at least a 60 percent retracement of price, this means that if price does move to 15-21k, a drop to 7k should not be out of the question (resembled in the white arrow), however, I suspect any price below 6k would mostly be untouched. The price range of the move can be seen in the light blue box, however, it is also important to note that this is only a conservative estimate of the price objective, we could see prices well beyond this before a decent retracement, in some of my other analysis, it would be close to 80k, but that is a distance away and seems highly unlikely so I wont be posting it. If there is popular demand to see that analysis, I could post it, but take it with a grain of salt.
The as for the broadening wedge, the current price is just under the price objective, where the price currently sits at 10900, the price objective is approximately 12k. I expect to see a small consolidation around 10-14k, and a possible continuation of the price movement.
No indicators are necessary until there is a strong signal against the trend with confirmation by price and volume. In situations like these use of them should be weary because they may provide signals that are only indicative of a small reversal as opposed to a large one. This can be proven repetitively.
Previous Analysis:
The parabolic pattern:
This is most likely a parabolic pattern and there have only been 3 bases to this parabolic move, this means that there is still a high probability that the price can at least double from the price given at the 3rd consolidation. The price of the 3rd consolidation is 7.5 which can be seen in green, thus, it is highly probable that the price objective is estimated to be approximately 15k, if the price triples, I'd expect to see a move to 21k, however, it is important to note that most parabolic moves end with at least a 60 percent retracement of price, this means that if price does move to 15-21k, a drop to 7k should not be out of the question (resembled in the white arrow), however, I suspect any price below 6k would mostly be untouched. The price range of the move can be seen in the light blue box, however, it is also important to note that this is only a conservative estimate of the price objective, we could see prices well beyond this before a decent retracement, in some of my other analysis, it would be close to 80k, but that is a distance away and seems highly unlikely so I wont be posting it. If there is popular demand to see that analysis, I could post it, but take it with a grain of salt.
The as for the broadening wedge, the current price is just under the price objective, where the price currently sits at 10900, the price objective is approximately 12k. I expect to see a small consolidation around 10-14k, and a possible continuation of the price movement.
No indicators are necessary until there is a strong signal against the trend with confirmation by price and volume. In situations like these use of them should be weary because they may provide signals that are only indicative of a small reversal as opposed to a large one. This can be proven repetitively.
Previous Analysis:
Comment:
There could be a retest of the top trendline of the broadening wedge and shoulder, it may also fail as support, considering that this is a parabolic move, it could drop suddenly, and so it is a difficult pattern to trade.
Comment:
If this price action does not hold, consider this parabolic move void. One more thing to be careful of is if this weekly turns out to be a massive shooting star.