dreamsCatcher

dreamsCatcher

We are currently at wave 4 according to the Elliot Wave theory (refer to the chart to understand the previous waves).

dreamsCatcher

Re adjusted the latest support line (dotted line) and added some other resistance lines. Looking at the arrangement of the support and resistance lines, it seems that we are creating a rising channel. Testing the 6k level and dropping back to possible support range (5.4k) might increase the odds of rising channel formation.

dreamsCatcher

According to 5 EMAs and RSI, we can test the 6k level in some time. It is likely to get rejected at 6k and test lower support.

dreamsCatcher

According to my Elliott Wave analysis, we are currently towards the end of wave 4. Following are my observations: - W3 volume was high - W3 was longer than W1 - W4 volume is lower than W3