To take a measurement from the symmetrical triangle we need to:
Project the height of the base from the top of the triangle.
Drow a parallel from the top of the baseline.
And here is our target zone: $5 000 - $6 000.
Here we see the trading corridor. We left the corridor in the end of the year and touched the $20 000, bears pushed us back to the corridor very quickly If the red line will be crossed and we will be testing the $8 000 level the drawing of the opposite movement can be projected ( the black line projection).
If there will not be a quick return to the corridor, the...
The Simple zigzag correction is depicted on the chart with blue A-B-C and Fibonacci retracement is seen behind the wave.
There are 4 resistances/support levels matching the Fibonacci retracement line:
Now we are on the 0,236 level.
I see two scenarios for the Elliott wave development:
1 bar = 4 hours.
The distances between the tops and the bottoms of the latest price movements returns us almost perfect Fibonacci match:
* 13 + 22 -> 36
* 36 + 22 -> 59
* 36 + 59 -> 95
* 95 + 59 -> 154 / 4h = 27d for the 3rd wave
95th bar (ending of the 2nd wave) falls on the 15th of January, so I expect that current movement down can last up to 3 more days and...