Most of the description I wrote is in the image itself. Short term, bearish for wave B correction. Medium term Bullish while forming wave C. Have not worked on those targets yet. After that has happens I believe we still need to hit bottom. We are definitely not out of the woods yet. We need to break long term trend and hold above to be considered a trend...
The Elliott Wave count was very hard to figure out for awhile, so I ditched it. After the 5th wave completed on the Micro level that confirmed it for me. Wave 3 was so overly extended (which was the reason the count was hard) that wave 5 was almost a perfect 1:1 extension of wave 1. Next was our larger B corrective wave, which a lot of analysts were trying to...
Most of the description is in the image. I believe we will see a drop to $6,000 - $6,400 very soon. We seem to be trading within a channel and 4 hour RSI has shown a lot of resistance where we are right now. We hit the upper limit of the channel and the steam is running out.
A lot of analyst agree a bigger drop is imminent. It's hard to see this price hold for too much longer. I can either see we finish the bull flag, hit the 100 EMA resistance and start our wave C, or start wave C now. The RSI is showing some similarities to the previous wave 2 in RSI and candle formations. Either way we will find out very soon.
