We are possibly in a zigzag formation for wave 2 before wave 3 starts
Comment:
Wave (c) is a 5 wave pattern which will end around the .618 fib level above $7,000. I would watch for a buy signal between $7K and $8K after completion of wave (c).
Comment:
I finally came to realize 2 scenarios are likely to happen.
Scenario 1: We may be observing the development of the wave (c) as mentioned above.
Scenario 2: Wave 2 is forming an ascending triangle which if it happens to be the case should have completed wave d and is gearing for a strong bullish move.
www.tradingview.com/chart/s4OTJ4cU/
Scenario 1: We may be observing the development of the wave (c) as mentioned above.
Scenario 2: Wave 2 is forming an ascending triangle which if it happens to be the case should have completed wave d and is gearing for a strong bullish move.
www.tradingview.com/chart/s4OTJ4cU/