It's my technical analysis about Elliott waves. I believe that correction is going happen, however we can see a bearish divergence confirmation in MACD. It's noticeable that maybe fifth wave of impulse waves has not created though and this upward movement can belong to wave B of ABC correction (ABC) that has been creating after third wave of impulse waves (RED line) and we can see downward movement as wave (C) after wave B
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In terms of above analysis, there are two scenarios : If last wave is 5th, correction will happen around 8000, but if the 5th wave hasn't started yet, so we are still in 4th wave which it's first corrective wave (A) has finished and target could be around 6000$. as a consequence, I think the 4th wave hasn't finished yet! It's my view
Disclaimer! This post is a personal analysis for my educational purpose so doesn't provide financial advice at all. please do your own research. You must be responsible for your trading only!