All though this rally is getting very extended, there is lots of confluence showing that link is in a flat, specially with the high volume spike that we're seeing (which typically occurs at the end of a 5th wave move). Alts are looking like trouble! Will investors get fooled once again, being left with literally worthless bags?
Bsv, along with bitcoin and many other alts have been in a range for quite some time. A big move is likely to come in the coming weeks, and i believe this move should be down by the look of how bsv and many other alts are looking right now.
No doubt that oil is bullish, but as it has made a 5 wave move up, which in my opinion, puts in our wave 1, we are likely to see a correction now. If we fail to get a strong reaction at the 0.618, we are likely to drop all the way down to the 0.786 to land our wave 2.
In my previous analysis, price action was favoring for a bigger wave 2 retracement, but with the current drop, which broke bullish market structure, i now favor that wave 2 has been placed and that we're in the early stages of a wave 3, which gives us a warning sign that a big drop is heading for the pound
Here is a zoomed...
I still think this move up is part of an uncomplete correction that envolves a wxyxz. "Z" waves, as from my experience, are often the most dramatic and longest in time than the other waves. I see us going below 6k just once more before going on a great bull run!
Eyes on next week, as the BOJ makes its first rate decision! Kuroda and his buddies have indicated that their most likely won't be a change in policies and that further rate cuts shall be the future for the yen over the years.
As seen in my analysis, we're currently in a flat, making a 5 wave to the upside to complete our C. Now expecting a correction to the downside to put in our 5th wave so then we could make a bottom and get a nice impulse to the upside (which should be short lived).
Possiblity here that wave 2 hasn't finished and that we're more likely to come down to test the 0.97 region (steel support) to complete the "x" wave. A bounce should be expected in this region, taking us to the highs of 1.1$ once again. This also gives us an alternation between "W" & "Y", which they'll both be equal in size. Invalidation here would be a pop above...
As volume starts to drop, i'm inclined in believing that we're finally making our move down to place that 5th wave. Been watching this pair for a while and i'm finally short once again, ever since it broke 1.06$