Goal is not to be correct, goal is to be prepared. There's evidence of 3 predicted price paths as far as I can see. Descending bullish triangle would lead to upside and would give evidence that this is the 4th (corrective) wave in the elliot wave and complete an ABCDE before the final 5th wave. (Bull) Flag pattern would lead to downside in the near term before breaking out and this would also support the 4th (corrective) wave theory in the elliot wave and complete an ABC before the 5th wave. (Bear then Bull) Last pattern is that this might be a bull trap, or we might not hold the medium term support line on our way down and fall further than the other two possibilities. (Bear)
Comments
HarrisonFjord33
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Of the three scenarios, the red and orange seem to be the highest probabilities. A = C at $75.69 which is located at the confluence of the 38.2% Fib Retracement and minute wave-3 lower trend line. Both scenarios are also supported by positive divergences seen on the hourly and daily RSI.
Bigger picture, I count minute-1 as ending at $72.38 and should not be exceeded if it's in-fact the correct count. Given that minute-2 was flat / deep and retraced almost the entirety of minute-1, I would expect wave-4 to be a steep / shallow shallow retracement of minute-3.
Bigger picture, I count minute-1 as ending at $72.38 and should not be exceeded if it's in-fact the correct count. Given that minute-2 was flat / deep and retraced almost the entirety of minute-1, I would expect wave-4 to be a steep / shallow shallow retracement of minute-3.