REASONS OF CORRECTION:
1. acceleration shows that the market is crazy
2. the rising wedge shows that the buyers are
exhausted
3. RSI bearish divergence
4. the previous resistance (621.65 - FTX) seems important now too
5. the Elliott wave counting shows, that the market is in the 4. (minor on my chart) wave; the correction wave 4 builds often a long, delayed correction; it can be a good time to range trading
The 0.618 and 0.5 fibonacci levels are important
*LMC= level maker candle
*LTC= level tester candle
Drink a hot tee and trade well!
1. acceleration shows that the market is crazy
2. the rising wedge shows that the buyers are
exhausted
3. RSI bearish divergence
4. the previous resistance (621.65 - FTX) seems important now too
5. the Elliott wave counting shows, that the market is in the 4. (minor on my chart) wave; the correction wave 4 builds often a long, delayed correction; it can be a good time to range trading
The 0.618 and 0.5 fibonacci levels are important
*LMC= level maker candle
*LTC= level tester candle
Drink a hot tee and trade well!