Broke past .618 fib. She's gonna come up and then down to .786 fib to finish the fractal. Then wave b will start for the larger trend.
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Touched .786 fib already! Could go down a little further, momentum shows room for that. Be prepared for her to start going up though, time is coming soon!
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So she went up a bit right? Well, corrective wave A may not be over yet. The upward movement seems to have halted at 5670, which is the wave 1 price area. Elliot rules state that wave 4 cannot cross over into the wave 1 territory.
However, Stoch RSI shows she's ready for downward movement, but the RSI is in the middle. She could really go either way at this point, so I'll say this.
If she goes up to 5720, she's going up and we are in corrective wave b and heading for 6000. If she breaks past 6200, then we are in fact entering a 5th wave in the larger Elliot cycle and heading to 6600.
If she doesn't break 5720 and instead goes down further, our new target is 5250.
However, Stoch RSI shows she's ready for downward movement, but the RSI is in the middle. She could really go either way at this point, so I'll say this.
If she goes up to 5720, she's going up and we are in corrective wave b and heading for 6000. If she breaks past 6200, then we are in fact entering a 5th wave in the larger Elliot cycle and heading to 6600.
If she doesn't break 5720 and instead goes down further, our new target is 5250.
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I'm still not convinced it's going up just yet, so I'm increasing the 5720 number to 5800.
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We’re tackling that psychological price barrier of 6000. If that breaks, then the next resistance to break would be 6200. However, I think this is as high as she goes for now
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Just broke 6000
