Candidate Bearish Expanded Flat Correction (Wave 2)
This analysis posits a counterfactual wave 2 of 5 in progress.
The structure of the correction is an expanded flat with a 127.2% wave B and a 161.8% wave C.
On this basis I speculate that wave C will find support at the confluence of 161.8% and deceleration channel upper boundary.
Outlook is bearish until circa middle of February reaching a retracement of ~$7880. After that price will enter wave 3 at which point the outlook is Bullish.
The structure of the correction is an expanded flat with a 127.2% wave B and a 161.8% wave C.
On this basis I speculate that wave C will find support at the confluence of 161.8% and deceleration channel upper boundary.
Outlook is bearish until circa middle of February reaching a retracement of ~$7880. After that price will enter wave 3 at which point the outlook is Bullish.