So going back to early April, I had the 5 wave trajectory up to $9000. I always stated this will remain in play so long as we don't go below Wave 1 territory which was $6400 and must go higher than $7500. Please feel free to play my earlier analysis so you can check. I always said I do not follow other traders as a parrot saying it is going to $4000, but base my analysis on EWT , the data, market sentiment and psychology.
We are now in wave 4 retracing wave 3. However, just to note this the retracement will be very shallow . Why? The Wave 2 retracement was very deep almost 1:1, so as a rule, generally the second retracement will be opposite to that of the first. Now to the numbers for EW confirmation and failure in this formation. So a break above $8090 will confirm Wave 5 which can expect to go between $9200 and $9500. Sell orders need to be placed in that zone, to recapitilise on the correction. A break below the $7509 is a Wave 4 failure and a new count will need to be done.
Finally, I will state it as I have done on twitter before, we are not going to to test $4000,$5000 OR EVEN $6000 again. The low for this wave form was slowly going up but sits at $6500. It will not get back there this year. Whats coming up for the short to medium term? Expect a retrace back to $8000 and then a shot at the $12000k. Interesting little fact we are nearly back on track to $1000000USD by 2020 , take a look at the summary, http://fnordprefekt.de
I am happy to chat with you guys, and explain everything I have stated. I hope you enjoyed my analysis as much as I enjoyed making it for you. Please like , follow me on twitter for accurate news and updates. Be good take care.