After a clear 5-wave move to the downside, establishing a bear market, we can see a three wave ABC corrective move to the upside. Trends can easily be defined as having clear swings with minimum overlaps, which is shown in the 5-wave pattern here. Corrective patterns generally have many overlaps and less clear swings, as can be shown by the ABC move.
I see this as a likely top of a C-wave, where a bear market will continue.
I see this as a likely top of a C-wave, where a bear market will continue.
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Looking at 2870-3000 to buy back in (price currently just below 3k). This would complete a three wave correction to the downside, resulting in an upside next. This is a bullish hypothesis, something I wasn't too keen on when I first posted this idea.
Opinions change...
Opinions change...