Hello. This commentary is for entertainment purposes only. Trade at your own risk. I'm not a professional trader, or expert in the subject.
I believe that we are experiencing a triple ABC correction with two failed X upward waves. Please see chart for possible levels. I made my TA wave "Y" stop at the 62% fib. From which a strong uptrend beginning is possible. Don't judge the waves classifications; I set them to whatever looks good on the screen. For me the wave degree classification is crap. Thanks for reading.
note: Watch out for trading bots creating unpredictable price swings, when setting up your stop losses. They may trigger your stop limit order despite the upcoming trend. Have you ever thought " darn it the market always moves against me!" you are not alone. Trading bots make traditional TA analysis to fail in the short term, that's because traditional TA is based on human physiology and not in disruptive computer trading software.
I have similar but with a further correction on the C wave.
Artesp
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@TroyByrne, These triple ABC's are rare. They described two failed wave 1 attempts, marked with an X. Triple ABC's are very bearish. I'm debating myself between 50% or 62% retracement for the last wave C. Maybe even lower.
It has been repeated so often that this thing has to touch the $6,000 boundary for it to gain strong support for the awaited supper bull run, that there is no other way for it to happen. Its kind of a self fulfilling prophecy.
In the back of my head I'm waiting for a deeper C as you said. I may buy back in a ladder.
Thanks for commenting to my post. Good trading!
TroyByrne
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@Artesp, I don't generally use Elliot wave in my charts as there is so many variables but it is good to see how similar they are Good Luck mate
TroyByrne
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@TroyByrne, Sorry got confused to who I was in chat with, while we end up similar, this was meant for another chat window. Cheers