The narrowing gap of real interest rates between U.S. and Japan
pushes the pair higher, the next big level is 150.
We could be in wave 4 currently and it could emerge as a triangle as the recent peak and trough did not exceed previous extremes.
There is a beautiful uptrend.
Bitcoin completed the consolidation and dropped to trendline support.
Watch the breakdown.
The Volume Profile indicator offers a very support in the area of $9k-$10k.
It is a double support as there is a mid-channel either.
In case it gives up - the next support is only in $4k area.
A large sideways consolidation could be over with an Ending Diagonal in the wave C.
The minimum target is to retest the previous top of $138.
RSI is breaking above the 50 "waterline" into a bullish area.
Corrective structures are tricky, the wave b emerged within a complex structure.
The map posted in 2018 appeared to be valid (see related) and I dropped it early.
This is a refreshed chart of the old map.
The wave B slighlty exceeded the top of wave A.
The wave C down could emerge in 5 waves down within the strong impulse or an ending diagonal.
Price could retest...
Earlier I posted maps for EEM consolidation (see related).
This last sharp move makes me thinking of a completion of the correction.
Then we got the contracting flat WXY.
Triangle could be the next alternative ABCDE.
Target will be at 75 then.
The RUB is getting stronger amid global weakness of USD (DXY) and rising crude oil.
Below RR 72 the move to the upside could be invalidated.
There is a chance that this drop could extend to the downside to build the large wave Y of WXY flat correction.
We saw such a drop in wave W before.
The minimum target is to hit the start point of wave X at RR 68.
It's totally bullish sentiment around the main coin.
Maybe it's time to challenge that view?
I didn't watch bitcoin for a long time and the eyesight became clear and not biased or influenced.
So, looking at the clean chart I detected the intermediate corrective structure of a contracting flat WXY (blue labels).
That model retraced the preceding wave (W) (white)...
the metal is still within a complex correction.
the wave Y of (X) could have started to retest the former top around 30
then another drop will follow to complete the entire correction around 23.39
after that we will resume to the upside
The long awaited correction in oil has kicked off as we got beautiful impulse down with all 5 waves visible and clear.
It could be a wave A of (2). And I expect some recovery soon as another short opportunity.
The next leg target will be updated upon completion of the wave B.
The wave 5 of A is still in progress and could drop lower.
This is the updated map. Could be an ending diagonal in wave 5 to complete the first impulse up
It goes in line with the big map (see related) and also my forecast
that price should fill in the gap occurred when Saudis started price war this March
This is an update for the earlier map (see related)
Wave X could have built a triangle ABCDE.
All rules are obeyed.
Price should trigger the terminal point of wave D of triangle to destroy it below 41.30.
The target is the same
The price broke down the double three WXY of (B) corrective structure.
We got the pullback to the broken support.
Watch further break below minor support.
Wave (C) could retest the former valley of 34.34
See related Brent crude for education purpose - the overall structure is the same, but the current corrective structure in wave (B) differs.
We got the first leg down (A) of the second drop ((W)) to complete the big consolidation (((4))).
I expect the retracement (B) to emerge soon to reach between 41.60 and 42.20
I highlighted the historical pullback with green ellipse for sample.
Another drop down (C) could undershoot at 37.51, ((Y))=((W)) or overlap beyond the terminal point of wave ((W)) below 36.99.
The corrective structure of double three WXY has been completed and we got the first impulse up.
It should be retraced in wave 2 and then the rally will resume.
Target area is in the blue box in the 18.80-19.30 range.
The earlier idea could be completed as structure gets more complex with possible double three WXY to emerge.
The drop into blue box should occur then to make a wave X retracement.
Then the metal could hit 22.50 when another zigzag up in wave Y unfolds.