You know me as a Bitcoin analyst, but S&P500 have the strong influence on cryptomarket. Today I revealed that the “bear market” on traditional markets is going to end.
I use quotes because it is not the true bear market, just the correction. I will explain you why. What is the bear market – it’s the 5 waves Elliott cycle to the downside, but if we try to count waves the potential wave 4 overlaps the wave 1 – it means that it’s not the waves 1 and 4. Thus we have to consider it as the ABC correction. Here this ABC is represented as a zigzag. Wave A consists of the zigzag abc inside it. The same is true for wave B. Now the price continues to draw the wave C. The target for wave C could be the 0.618 Fibonacci extension ($3550). Also the MACD indicator on the 1W timeframe showing us the potential strong bullish divergence – it’s the insane reversal signal for the end of the “bear market”.
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The Bitcoin will follow the traditional markets and my last analysis on BTCUSDT confirms my thoughts on SPX:
Everybody is claiming we are doing wave 4 on the super cycle (or GSC)so that means 5 massive waves down and we just completed the 1st wave....could that actually be true. could we already be doing the mega correction that will take several years and wipe out years of gains before we head up to 5th wave?
Skyrex
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@cyberluck, if SPX completed wave 1 to the downside it should be represented as the 5 waves cycle, but we have the zigzags - it is typical corrective structure
MadWhale
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Agree here mate, we can see more gain for the price 👌📖🚀