Dear Reader,
The broadening ascending wedge (megaphone pattern) worked perfectly. It has ushered in the 4th wave of the Elliot impulse wave set. We have yet another bear flag forming, which will take us to the wave extension marked as 4.
If the price does not reverse upwards at the end of wave 4 and declines further, it will render the wave set invalid and we are probably looking at a low of $7000. However, if the price does bounce upwards to execute wave 5 of the impulse wave set, then we can expect a high of around $10 800. followed by a further extension up to $ 11 500. After this, a decline to $6800 - $7000 is inevitable.
Let's see what happens.
Happy Trading !
The broadening ascending wedge (megaphone pattern) worked perfectly. It has ushered in the 4th wave of the Elliot impulse wave set. We have yet another bear flag forming, which will take us to the wave extension marked as 4.
If the price does not reverse upwards at the end of wave 4 and declines further, it will render the wave set invalid and we are probably looking at a low of $7000. However, if the price does bounce upwards to execute wave 5 of the impulse wave set, then we can expect a high of around $10 800. followed by a further extension up to $ 11 500. After this, a decline to $6800 - $7000 is inevitable.
Let's see what happens.
Happy Trading !
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We should be getting ready for the next sub-wave up to around $9100, any time soon.
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Double bottoms up !
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Possibly go $50 higher and then our final descent to the $ 8550 region
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My sincerest apologies .. my wave count was off. We have started wave 5 up and it will complete at $ 10 500. Still expect an extension to $ 11 500 from there.