Note: I'm not particularly good at, or overly familiar with, Elliott Wave analysis. I tend not to use it.
-Confluence is important.
-The Fib Extension levels line up nicely with previous support/resistance zones.
-Those fib levels are also confluent with the volume nodes.
-If price is in an ABC correction, it would make sense for price to pump up to the 0.382 (or maybe 0.5) fib level, where it would encounter a supply zone/resistance level, fueling a further drop in price.
-The next major demand zone (and an important psychological level) is approximately $20K.
Have fun, and be safe.
-Confluence is important.
-The Fib Extension levels line up nicely with previous support/resistance zones.
-Those fib levels are also confluent with the volume nodes.
-If price is in an ABC correction, it would make sense for price to pump up to the 0.382 (or maybe 0.5) fib level, where it would encounter a supply zone/resistance level, fueling a further drop in price.
-The next major demand zone (and an important psychological level) is approximately $20K.
Have fun, and be safe.
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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.