Vis-a-vis my last count I updated my labeling.
According to my analysis we are in a complex WXYXZ correction and we are now in wave B of C before actually ending this corrective pattern. I would like to see this last Z wave to correlate with continued divergence on the MFI.
This could entail a long position to close to $8000 within the bearish channel and then a last leg down to the 0.7 fib level of wave A of the higher degree, possibly giving us an opportunity to short to $5200.
After this move we can expect a sharp reactionary move forming the first wave within C of the higher degree leading us either to $13500 or even higher.
Invalidation of this analysis would be a break of the lower bullish channel support setting the mark for a larger move down.
According to my analysis we are in a complex WXYXZ correction and we are now in wave B of C before actually ending this corrective pattern. I would like to see this last Z wave to correlate with continued divergence on the MFI.
This could entail a long position to close to $8000 within the bearish channel and then a last leg down to the 0.7 fib level of wave A of the higher degree, possibly giving us an opportunity to short to $5200.
After this move we can expect a sharp reactionary move forming the first wave within C of the higher degree leading us either to $13500 or even higher.
Invalidation of this analysis would be a break of the lower bullish channel support setting the mark for a larger move down.
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Of course the immediate trade would be short, but as soon as the correction ends we could see a profitable long option
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