With this Elliott Wave count, we have one more major wave up to the 10.3 - 10.4k region. Not completely satisfied with this current correction and so that is why I believe we will head down to the 0.618 - 0.65 region (8500-8560) first before starting the large wave up.
There is still a good chance that we are heading to the 10k region now, I still have part of my long open but will absolutely be adding to it if we dip down to these marked areas.
There is still a good chance that we are heading to the 10k region now, I still have part of my long open but will absolutely be adding to it if we dip down to these marked areas.
Trade active
As you can see, from my main idea we are still in a correction phase. Having possibly finished leg B of this correction, we should be heading for $8500-$8600 with possible wicks to the $8280 region. I was hoping that we would go up to the .786 fib level, but currently do not see that with multiple bearish divergences showing at the time of writing this.
Once we hit these short term goals, a nice rally to $10.3k will in the books hopefully.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.