Taking a look at the long term weekly chart we can see that there is a pretty clear 5 wave count with .618 retraces for corrective waves 2 & 4.
The theory would now be to expect an ABC correction to the .61 or .7 fib retracements. The .78 aligns with the 70 week ema at around $300, so that could be a strong target.
I'm not really sure if there is a way to predict the correction duration from this chart? I'd be happy for someone to enlighten me.
Long term this would be only wave 1 of a long term weekly super cycle. Good news if you are in for the long haul. This wave took over 2 years (116 weeks) to play out. So safe to assume the next wave up would take around the same amount of time.
This is merely a commentary involving Elliot wave theory and in no way trading advice.
The theory would now be to expect an ABC correction to the .61 or .7 fib retracements. The .78 aligns with the 70 week ema at around $300, so that could be a strong target.
I'm not really sure if there is a way to predict the correction duration from this chart? I'd be happy for someone to enlighten me.
Long term this would be only wave 1 of a long term weekly super cycle. Good news if you are in for the long haul. This wave took over 2 years (116 weeks) to play out. So safe to assume the next wave up would take around the same amount of time.
This is merely a commentary involving Elliot wave theory and in no way trading advice.
Comment:
well we are not there yet. maybe we will actually get a bounce at $300
time to start another impulse wave (Wave 3)