Hi all,
Here I go with the two options I'm suspecting according to Elliot wave principles.
First scenario: we're somewhere in the beginning of wave 5 of the big light blue cycle, after finishing underwave 2 at a clean 61.8% of yellow wave 1 yesterday.
Second scenario: light blue wave 4 hasn't finished yet, and we are actually somewhere in the C wave of an ABC, which would probably retrace to around $16,600.
I'd rather be in the first scenario, and already longed around the bottom of yellow wave 2. We'll probably make sure within a few hours which way to go. If we happened to be in the second one I placed my stop loss under wave 2, as I don't think it'd break lower than that in the first situation, and plan to buy again at a way cheaper price somewhere under 17k.
Here I go with the two options I'm suspecting according to Elliot wave principles.
First scenario: we're somewhere in the beginning of wave 5 of the big light blue cycle, after finishing underwave 2 at a clean 61.8% of yellow wave 1 yesterday.
Second scenario: light blue wave 4 hasn't finished yet, and we are actually somewhere in the C wave of an ABC, which would probably retrace to around $16,600.
I'd rather be in the first scenario, and already longed around the bottom of yellow wave 2. We'll probably make sure within a few hours which way to go. If we happened to be in the second one I placed my stop loss under wave 2, as I don't think it'd break lower than that in the first situation, and plan to buy again at a way cheaper price somewhere under 17k.
Comment:
Well scenario 1 got rejected. Unless yellow wave 2 would pull back to 76.4% of wave 1 around $17,074? I wouldn't priorize this.