Too close to call, or did I NAIL it?
Here is my price analysis for the next 2 weeks (blue path)
4 days ago I charted this course:
.. and the price followed it exactly.
That of course doesn't make me a prophet, but it does confirm all the patterns I've drawn.
Summary:
a. Orange ascending wedge (bearish pattern) - confirmed
b. blue descending wedge (bullish pattern) - in progress, but if we go down to meet the lower trend line, then that signals the start of the H+S plunge which will negate any chance of the descending wedge. A H+S pattern is 85% accurate, and is the most accurate pattern and probably will override the descending wedge.
c. H+S pattern (neckline = white line) - the neckline was broken about a week and half ago, and we are right now bouncing off the neckline. Another daily close below the neckline will I think seal the deal. The H+S pattern ends around 17k, which coincides with the weekly 200 SMA, several long-term trend lines going back to 2008 and Elliott Wave theory (it would be the end of Wave 4, the end of Wave 1 was at
13K). I have also drawn the primary and secondary and sub-waves of the Elliott waves going back as far as possible, if you want to take a look.
4 days ago I charted this course:
.. and the price followed it exactly.
That of course doesn't make me a prophet, but it does confirm all the patterns I've drawn.
Summary:
a. Orange ascending wedge (bearish pattern) - confirmed
b. blue descending wedge (bullish pattern) - in progress, but if we go down to meet the lower trend line, then that signals the start of the H+S plunge which will negate any chance of the descending wedge. A H+S pattern is 85% accurate, and is the most accurate pattern and probably will override the descending wedge.
c. H+S pattern (neckline = white line) - the neckline was broken about a week and half ago, and we are right now bouncing off the neckline. Another daily close below the neckline will I think seal the deal. The H+S pattern ends around 17k, which coincides with the weekly 200 SMA, several long-term trend lines going back to 2008 and Elliott Wave theory (it would be the end of Wave 4, the end of Wave 1 was at
13K). I have also drawn the primary and secondary and sub-waves of the Elliott waves going back as far as possible, if you want to take a look.
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