The three contracting triangles shown in the chart are likely Elliott Wave 4th waves at different degrees of trend in larger successive final fifth waves.
Another smaller fifth wave is expected to follow the rightmost smallest triangle, and the normal projection is a rally of the height of the triangles left side, about $600
from the E wave low which will be near $12600, so a projected top around $13200. After that there should be a correction of the move from the $5000s which should retrace a large portion of that move, probably below $10000.
Another smaller fifth wave is expected to follow the rightmost smallest triangle, and the normal projection is a rally of the height of the triangles left side, about $600
from the E wave low which will be near $12600, so a projected top around $13200. After that there should be a correction of the move from the $5000s which should retrace a large portion of that move, probably below $10000.
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More precisely, the last triangle runs from 12947 to 12312, so 635 points, and it appears the E wave may already be complete at 12824, so a revised projection for the top is 12824 + 635 = 13459 or thereabouts. I would expect this rally to have similar fractal form to the preceding larger degree wave 5s, including ever smaller successive 4th wave triangles.
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A tiny fourth 4th wave triangle has now formed in the 12932 to 13130 range with apex at 13114, so the top projection is now 13114 + 198 = 13312, and it has already broken out above 13130 to 13238 as I type...
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Spiked up to $13400 - is there more?
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A break below 13130 would be the first confirmation of a top of some degree, then 12511. But maybe we are forming a fifth 4th wave triangle at $13400 to $13221 with apex at $13323 and yet another top projection of $13323 + 90 = $13413.
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Correction $13323 + 179 = $13502 for that top projection.
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Here we go - breakout move stalled at #13426. There should be a bit more.
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Forming a 6th triangle at $13426 to 13346 with apex 13416, projects top at $13496.
These triangles are getting too small to see on a 1 minute chart.
These triangles are getting too small to see on a 1 minute chart.
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$13474... and a break lower
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High tight flag at $13465 - maybe one last push higher? Below $13344 is bearish.
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Doing the Wile E Coyote at $13369...
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And a big break lower $13130... how low will it go?
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Now rallying back to near the $13465 high and flatlining bullishly, perhaps that top was a wave 3 at some degree and we still have another 4th and 5th waves to complete the real top?
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This latest rally off the $13130 low is taking the same form as all the previous rallies that have ended in a triangle. Another one is forming in the range $13472 to $13406 with apex near $13439 so top projection is 13439+66 = $13505.
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Spike to $13600 and then $13700 slices through the cliff of sell orders around $13500 - seems there is more upside...
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Forming another similar triangle under $14000... this is looking ever steeper even on a log scale. Seems like this may be a spike blow off top like a commodity.
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Correcting sideways under a flat top line at 14000 - if it breaks above there it's off to the races again...
