We are getting close to the Bear - Bull showdown!
Are we in the third leg of the final wave 5 (to USD 6,000 / 7,000 or even 10,000?), or are we still in the ABC correction after the last wave? Shortly we will know.
(1) On the shorter time frames, I see a potential H&S forming, potentially bringing us down to the USD 4280 - 4300 support line. After...
we are seeing a slight correction on the last run. I think the last run could take us to USD 40 first before we see a larger correction. I have buy orders pending at USD 34.70. If those hit, I will take the ride up to USD 40 and take some profits. I will then reset buy orders at the same level for the wave up to USD 42.
In my last post, I indicated that we may go down as part of a bigger ABC correction. The rising wedge currently forming could support that. Bulls will argue that the (C) correction already happened at my (A) and that we are now in the first leg of the final wave (5) (to USD 6.000 - 10.000). Both theory's can still be upheld.
In any case, there is a short term...
The bulls vs the bears, who will win this fight. In max 12 hrs we will know.
It is not looking good for the bulls though, rising wedges and overbought for hours...
Bulls will win before year end but I think this round goes to the bears.
Look for 2980 double bottom, 2500 fib extension 1.27 and 2250 support line.
It looks like Neo is completing the Elliot Wave correction. Could have been completed with last dip, however, typically C ends near or just below 4 and A. Look for reversal on fib levels and breakout on the right shoulder.