Weaker 5th Elliot wave followed by ABC correction?
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We've just retraced to 4th Elliot wave in the 12345 pattern, with smaller retracements than I've expected. That is because bulls exhausted their resources trying to reverse the bearish trend, but were failing to build volume and RSI was overbought. For building more momentum, I think deeper retracements would have been needed.
So I am expecting the 5th wave not to be as strong as one would expect, to be stopped a little above $8500 (maybe even lower, but good opportunity to short), and a deep ABC correction should follow that would eventually send us down to $6600.
Phil's hypothesis (PRO_Indicators) about the repetition of the 2014 crash pattern seems to be basically confirmed.
These are my opinions, expecting constructive criticism, we're all in the same boat surrounded by whales! :)
So I am expecting the 5th wave not to be as strong as one would expect, to be stopped a little above $8500 (maybe even lower, but good opportunity to short), and a deep ABC correction should follow that would eventually send us down to $6600.
Phil's hypothesis (PRO_Indicators) about the repetition of the 2014 crash pattern seems to be basically confirmed.
These are my opinions, expecting constructive criticism, we're all in the same boat surrounded by whales! :)
Not
Wrongly counted waves, this would be the pattern for now:tradingview.com/chart/oPMBbAfp/
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