Traveling an ascending channel creating a fifth wave
Nice ascending channel thats following mid trade trade line nicely.
Mid trade line can be used to see where key resistance/support can be tested.
Suspecting we are following a third leg up in a Kondratieff wave.
Creating a fifth ascending elliot wave and possibly creating a first larger ascending wave.
We could see the fifth wave touch the top of the channel at $12-13k or higher before seeing a descending reversal pattern.
Mid trade line can be used to see where key resistance/support can be tested.
Suspecting we are following a third leg up in a Kondratieff wave.
Creating a fifth ascending elliot wave and possibly creating a first larger ascending wave.
We could see the fifth wave touch the top of the channel at $12-13k or higher before seeing a descending reversal pattern.
Comment:
Staying above the mid trend line
Estimated EW pattern holding support
Estimated EW pattern holding support
Comment:
$11200 support stopped the initial bleeding. Could be the end of an up trend.
1 hour RSI and MACD seem bearish. Maybe we continue upward below the mid channel for a bit or maybe we are seeing a pivot. Pretty dramatic but still within ascending channel.
1 hour RSI and MACD seem bearish. Maybe we continue upward below the mid channel for a bit or maybe we are seeing a pivot. Pretty dramatic but still within ascending channel.
Comment:
Failed wave. Could be a pivot
Comment:
Its possible we have a 7 wave count. Im learning.
Comment:
Looks like wave 2 of a larger wave
Comment:
Possible end of correction wave. Should know soon.
Still could be bearish as descent was steep
Still could be bearish as descent was steep
Comment:
Seems the correction wave ended and we are seeing a tight channel for now.
Should know soon if we cross below it or if it remains a support line.