This may look complicated but to simplify it:
Impulse wave has 5 waves.
Corrective wave has 3 waves.
We can see that we are in a 5 wave impulse wave and approaching a significant level where we have multiple confluences to indicate that price may reverse.
We could go on to create an ABC correction back to the channel support for another move up OR worst case scenario, we break down completely from here and go back to around the 28K level.
Keeping a close eye on the ascending trendline for a break to confirm our shorts.
Impulse wave has 5 waves.
Corrective wave has 3 waves.
We can see that we are in a 5 wave impulse wave and approaching a significant level where we have multiple confluences to indicate that price may reverse.
We could go on to create an ABC correction back to the channel support for another move up OR worst case scenario, we break down completely from here and go back to around the 28K level.
Keeping a close eye on the ascending trendline for a break to confirm our shorts.
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