So 6,000 USD is still the most likely scenario. I've tried here on this chart to illustrate how, classical charting (Head And Shoulder, , channels, , flags, tunnels etc.) and works together.
As you can see, it looks like we are having a small ABC-correction. I told yesterday in our Private Forum, that IF we went passed 7,200 and above 7,300 USD we could get long, because a new 1-5 structure, could be in the making. And we could probably easy go to 7,800 USD because of clearance.
But as you can see it seems like our 1-5 EW Structure has collapsed, and it looks more like a smaller ABC-correction. We can therefore now expect a 1-5 down correction. We will have huge support at 5,900-6,100 USD ( ), so one of the waves might be truncated.
Everything also seems to match classical charting if this 6k-scenario is the case. As you can see we are trapped inside a big , and inside that one, we have a smaller (dotted lines).
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A weak broken shoulder normally predicts a steep downtrend. I've used Trendbased Fibonacci Extension Tool to predict the waves. Support levels (blue dotted lines) and lack of support levels are in my equation.
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But what a bounce. 6,400 USD to 6,800 USD in NO TIME. This doesn't change anything so far though.
We still have to go through 7,200 USD before it will ruin this scenario.
I will follow up on this later <3
If we take a look at the Volume Profile, we have gone from a HVN (High Volume Node) and 61,8 % retrace and 78,6 retrace is a LVN (Low Volume Node), so we should expect to see a reversal there.
I will follow up on this later. It's quite interesting - please give a like <3
It's a continuation pattern, and it normally predicts we will continue our downtrend.
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Plus the Target of the HS on the hourly correlated with the monthly support just perfectly.