Hello again everyone.
Here's an update on the macro movement.
If you are curious how the micro movements have been playing out, please check out my previous predictions and analysis.
It looks to me as if we are trading inside a falling wedge range.
What's interesting is that the apex point of the falling wedge meets around the dashed pink line (which is the trend line connecting the bottoms of the 2017 bull run), in addition to the 78.6% retracement level.
I can see 3 big macro scenarios.
1. We bounce at the current low and make a bullish explosion above the wedge
2. We hit resistance at the upper wedge trendline, fall back to the bottom line of the wedge and then make a bullish explosion above the wedge
3. We hit resistance at the upper wedge trendline, fall back below the bottom of the wedge, and take a nose dive into a dark place
Overall, I still see a bearish market with an opportunity to swing up and down in the range until one of these 3 scenarios above plays out.
Remember to always zoom out to look at the macro movements to make your micro plays!
Here's an update on the macro movement.
If you are curious how the micro movements have been playing out, please check out my previous predictions and analysis.
It looks to me as if we are trading inside a falling wedge range.
What's interesting is that the apex point of the falling wedge meets around the dashed pink line (which is the trend line connecting the bottoms of the 2017 bull run), in addition to the 78.6% retracement level.
I can see 3 big macro scenarios.
1. We bounce at the current low and make a bullish explosion above the wedge
2. We hit resistance at the upper wedge trendline, fall back to the bottom line of the wedge and then make a bullish explosion above the wedge
3. We hit resistance at the upper wedge trendline, fall back below the bottom of the wedge, and take a nose dive into a dark place
Overall, I still see a bearish market with an opportunity to swing up and down in the range until one of these 3 scenarios above plays out.
Remember to always zoom out to look at the macro movements to make your micro plays!
Case 1. Take wave 5 + Correction wave C down
Case 2. Take subwave here to wave 5 up
The height of the next drop will determine which way we go - my money is on case 1.