In this analysis I have 2 scenarios, one and one , the being the more likely at the moment imo.
It seems that the price is forming a 'Flat ABC' correction to the upside (shown by the orange ABC labels).
According to , a flat usually will form a 1:1 relationship between waves A and C. If this occurs,
then orange wave C should end at around 37k and then reverse to the down side. This should occur if we even reach
If this occurs, then we should see a reversal to the downside and test the lower trendline and the lower green box.
(More unlikely in my opinion (imo)). We break beyond 37k and the down sloping trendline where the upper green box is.
The target for this is 41k - 43k. This estimate is by multiplying orange wave A by 1.618 and adding that length on the
end of orange wave B. This means that wave C would extend and be equal to 1.618 * length of wave A.
The reason why I think wave A will be a 1:1 extension and not a 1:1.618 extension is that wave A formed a clear ABC pattern
to the upside rather than a 5 wave structure.
I will update if this idea changes.
All the best! Please drop a comment if you have any different ideas!