If we use the dotcom bubble top 2000 and the great recession low 2009, to draw fiblevels on the long term chart its clearly visible that the 1.618 level was the target for the last rally and support has been build at the 1.272 level.
With the break of the 1.618 level i would expect that the new target should be 2.618 at arround 3000, which would also fit with the parallel channel. This would be a wave 5 within wave 5 and a major correction is likely after.
Note that RSI is on bearish divergence on most timeframes, so this idea is mainly about EW and horizontal resistance/support
With the break of the 1.618 level i would expect that the new target should be 2.618 at arround 3000, which would also fit with the parallel channel. This would be a wave 5 within wave 5 and a major correction is likely after.
Note that RSI is on bearish divergence on most timeframes, so this idea is mainly about EW and horizontal resistance/support
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approaching
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closer look to the 1.618 resistance to support and lift off
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trend still intact, expect new ATH next week again
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new ATHs again. Keep a look at the big picture. There is no bubble yet.
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momentum is increasing, the 3000 and test of the upper line of the channel is just a matter of time