Hello traders,
So I was messing around with fibs, fractals and wave counts today and ended up here for the weekly chart.
1) yellow lines are the fib retracements of the entire bear market from the all time high.
2) purple lines are the fib retracements of the crash following the SEC lawsuit news.
(note that the all time high coincides with the full purple extension, and the next fib retrace level of the bear market coincides with the next extension level of the December crash. This appears to be a key level (around 1.13-1.17)
3) blue is the fractal from the beginning of the past bull run.
There is a clear 12345 wave structure starting from the march 2020 capitulation that marks the end of the bear market and the beginning of the bull market (purple numbers). I think that this is really the first leg of a larger set of impulse moves to the upside (yellow lines and numbers).
putting this all together...
lets say the (1) and (2) legs of the current bull run are already established. Often, the 3 leg is a fib extension of the 1-->2, so is it hypothetically placed there on the chart. The 4 leg retraces no lower than the 1 leg, and it makes logical sense that it would retrace to a strong confluence level. The finishing 5 leg could line up with the price predictions that I explored in the previous idea linked below.
Put the fractal of the previous bull run on top and it all lines up with scary precision. Is this all a coincidence?
Not financial advice DYOR
So I was messing around with fibs, fractals and wave counts today and ended up here for the weekly chart.
1) yellow lines are the fib retracements of the entire bear market from the all time high.
2) purple lines are the fib retracements of the crash following the SEC lawsuit news.
(note that the all time high coincides with the full purple extension, and the next fib retrace level of the bear market coincides with the next extension level of the December crash. This appears to be a key level (around 1.13-1.17)
3) blue is the fractal from the beginning of the past bull run.
There is a clear 12345 wave structure starting from the march 2020 capitulation that marks the end of the bear market and the beginning of the bull market (purple numbers). I think that this is really the first leg of a larger set of impulse moves to the upside (yellow lines and numbers).
putting this all together...
lets say the (1) and (2) legs of the current bull run are already established. Often, the 3 leg is a fib extension of the 1-->2, so is it hypothetically placed there on the chart. The 4 leg retraces no lower than the 1 leg, and it makes logical sense that it would retrace to a strong confluence level. The finishing 5 leg could line up with the price predictions that I explored in the previous idea linked below.
Put the fractal of the previous bull run on top and it all lines up with scary precision. Is this all a coincidence?
Not financial advice DYOR
