Bottom where are you ? For me it's around 2300 - 2500.
Using the pole A of the descending triangle and using the ratio of the first wave i belive there's value at the 1.618 level.
The retrace of the wave 4 to 0.382 (8000) should be gentle considering the past second wave but might even spike, after that a truncated wave 5.
We're still in a bear market that might...
we should see lower lows.
This seems like a descending triangle, i've projected a target around 4777 with a wick , that monthly support around 5k should hold a bit
I expect a retrace to around that hypothetical 618 fib. It might even touch 7183 that is the Tenkan Sen of the monthly chart.
Right now we're finding support over that daily Tenkan Sen, Kijin Sen is...
If we don't break the resistence that is right now around 9300 i expect a small jump that won't last long.
If we break the resistence we're going down, i expect an impulsive correction that goes to 5500 - 5400 and a retrace that will touch the resistence line that goes thorough all the major high's.
- Every time we touch that line something bad happens. (...
Congrats on Breaking 11k ! Now there are 2 possible scenarios:
- we're on the fifth elliot wave and need to retrace gently to the first 0.236 or much better 0.382
- we're rushing to the second fib and reach 11.7 but at this point there's too much resistance and we flash crash to 10k + panic so around that red line (9930).
I don't expect a gentle retrace at 11.7...
I expect a retrace to 5911 in the next hours maybe more because of fear of going down and we'll stay sideways for a bit, i guess everyone is exausted.
The next hours are critical because bulls have to break the 200 ma wall on all timeframes especially 4 hr, we'll see !
I see a Gartley on the 15 min chart and i'm just thinking about a small retrace to 7196 and then up to somewhere between 8638 and 8977 because:
- 4hr says so fibonacci levels
- the volume spike was high
- the retracement of yesterday went over 0.618 (7204) so i suppose a bull run between 1.236 ~ 1.382 , will update later.
1 Testing the first 0.236 level
if we fail we're going down to 10,4
if we win we have to pass many tests first one between 13 to 13,2 up to 0,382 (14)
Everyone expects a fail support at 10,4 , so we'll go down to 9 with a new resistence at the second 0,236 ( 11,6 )
Or, but this is impossible, down to 7,8; it was a...
I'm on 5 mins, so this is valid for the next hours
There is a good divergence in this graph, bears are losing momentum, the last elliot wave is forming and will end around 0,01755 3:30 UTC +0
if you need ltc i think that's a good time to sell
See ya !