The measured move (blue) hints to 7500 USD. This would also represent an 79% fib retracement of the downmove since yesterday in relation to the former downmove from may 5-12. A few trendlines may also hint in this direction.
Hanging man yesterday, EMA20 and strong red horizontal resistance, 38% RT of the downmove achieved...price seems to go down some more. Target according to measured move (79%): around 7200 $
Crossresistance (red) did hold, now it's time to clear the EMA 20 (middle line of the channel). The deep retracement abc is typical for a wave 2, so a strong up move as wave 3 should follow.
The weekly chart shows a brighter view: RSI upward EMA 20 cleared The abc retracement of the whole 1-5 uptrend was deep, therefore it should be a wave 2, and an impulsive wave 3 is to follow, which will be almost certainly be (much) longer than the whole wave 1-5. The price tried to leave the upper trendline of the big red channel two times already (waves 3 and...
This chart is difficult to count; but if we are retracing the complete move up, this correction is very short until now and a second leg downwards right into the price area of wave 4 is to be expected...until now we have only just touched this region (blue horizontal line). Note the bearish wedge, which has already been backtested. Target may be 20 Cent, if this...
Price might be attracted by the lower Keltner channel boundary and the longterm uptrendline (red). This scenario is likely to unfold if price drops below the important internal horizontal support (blue). A possible target is indicated by the teardrop.
The present corrective move should aim at the 0,62-0,79 fib retracement at 7500 +/- 300 $. This is to be expected regardless of the present downmove being an e as the last move of the correction since december or of this move being the first corrective move (2) of an new uptrend which may have started at the beginning of april.
bearish wedge, RSI divergence, upper Keltner channel as resistance which is not even touched, internal counts suggest a missing e to complete the triangle...this might suggest a target of 7000-7500
The correction could't bring the price near the bottom of the Keltner bands, and it is trying to stay in the upper half; and there is support by the lower trendline of the new channel. The form of the correction looks bullish, waiting for the next move higher. A small dip down to 9100 is possible, but not neccessary.
This is an extremely bullish picture: - support of the big trend channelline which works since the beginning of dash - EMA 50 support - SHS Formation - wave count in order (c = 0.62 x a), c went to the end of 4 - Descending trendline and horizontal support (see lines) If the price gets above 470 USD (either directly or -less likely- after a few days and a small...
If the price has really left both channels to the upside, this would be extremely bullish
Interesting channels...at 8600 there may be a short term correction after meeting the down trend line.
wave 1 of 3 is nearing its end. After the following correction (which may form the second shoulder of an inverse shs) wave 3 of 3 may start. a = c
Second attempt for an inverse shs at downtrendline. If chartpatterns alternate, a bullrun may start.