A possible bull case

Aug 1

Just a possible idea but we may have finished a wave 1 and could be working on the wave 2 in the C wave now. I see a possible bounce at the .5 level around $61500 also lines up with the 200 day moving average if this does hold we could see a target at the 1.618 of around $86000.

This is just 1 possible option that I see if I'm looking for a bull case but you can also see options in the bear case. Just a fun idea I wanted to share as I try to get better with Elliott waves.

Aug 3

Note

If we don't see a strong bounce soon looks like the .618 will be the next support at 59000ish if we lose that I will be looking at much more bearish cases. I would think if we lose that .618 we should be looking for a new low in the current longer term channel.

Aug 4

Note

No bullish signs I would say this idea is nearly invalidated at this point unless we get a sudden bounce but think it is more likely to retest and create a double bottom now at the 53-54k area. I would expect a bounce at least from that area and will reconsider options once we see the reaction.