Downtrend most likely
Updated
Massive hidden bearish divergence on RSI.
Potential completion of B wave in ABC correction (zig-zag or double three); might have another small leg up.
Perfect 1:1 extension unlikely so consider 0.618 area.
Target: ~$10,400
Potential completion of B wave in ABC correction (zig-zag or double three); might have another small leg up.
Perfect 1:1 extension unlikely so consider 0.618 area.
Target: ~$10,400
Comment
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Comment
Possible small leg to $11,500- $11,600Comment
Downtrend occured as speculated.
Current issue is determining of the wave up is a part of Y or part of X (I believe it's most likely Y).
The red lines highlight the resistance zone with a boxed off target of ~$11,280. Should the resistance hold true, that area might be the pivot.
Anyway, the final target of $10,400 has not changed. We'll see how it plays out.
Comment
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