Everything points towards a move down.
We even have a nice head and shoulders formation at the top (still not confirmed).
One could also use the recent high ($918) as a stop to get ~7 risk/reward ratio. While going higher would not invalidate the ending diagonal count, it would add some arguments against this scenario.
The recent move to the sub $24 could be considered a valid ABC.
There's 2 guidelines pointing towards this price as an end:
- In a zigzag, A is often equal to C.
- Inside C, the end of the 5th waves at this price would follow the guideline saying that when the 3rd wave is the longest, the 1st and 5th are often of the same length.
There is, however, an argument...
We pretty much have completed 5 waves up from my long entry at ~$20.50.
My preferred count shows the recent trend up as an ABC, which means we should start going back down again.
Of course, rather than an ABC, this could be an impulse move, leaving us with another potential move up.
Regardless, short term we probably are going down. There's a bearish divergence...
This is a long term Elliott Waves count in order to know where we are.
In the most recent days, the C of 1 might require a little move further down.
It's also possible possible that this C is only a A of a bigger correction.
Either way, a move up should follow shortly.
Looks like the last move up was an impulse (With a 1 -5 move)
We now have the A and B completed.
This is how I think the C will play out.
But as we've seen last time, I've been dead wrong. You might want to go long now.