Too close to call, or did I NAIL it?
Here is my price analysis for the next 2 weeks (blue path)
4 days ago I charted this course:
.. and the price followed it exactly.
That of course doesn't make me a prophet, but it does confirm all the patterns I've drawn.
Summary:
a. Orange ascending wedge (bearish pattern) - confirmed
b. blue descending wedge (bullish pattern) - in progress, but if we go down to meet the lower trend line, then that signals the start of the H+S plunge which will negate any chance of the descending wedge. A H+S pattern is 85% accurate, and is the most accurate pattern and probably will override the descending wedge.
c. H+S pattern (neckline = white line) - the neckline was broken about a week and half ago, and we are right now bouncing off the neckline. Another daily close below the neckline will I think seal the deal. The H+S pattern ends around 17k, which coincides with the weekly 200 SMA, several long-term trend lines going back to 2008 and Elliott Wave theory (it would be the end of Wave 4, the end of Wave 1 was at
13K). I have also drawn the primary and secondary and sub-waves of the Elliott waves going back as far as possible, if you want to take a look.
4 days ago I charted this course:
.. and the price followed it exactly.
That of course doesn't make me a prophet, but it does confirm all the patterns I've drawn.
Summary:
a. Orange ascending wedge (bearish pattern) - confirmed
b. blue descending wedge (bullish pattern) - in progress, but if we go down to meet the lower trend line, then that signals the start of the H+S plunge which will negate any chance of the descending wedge. A H+S pattern is 85% accurate, and is the most accurate pattern and probably will override the descending wedge.
c. H+S pattern (neckline = white line) - the neckline was broken about a week and half ago, and we are right now bouncing off the neckline. Another daily close below the neckline will I think seal the deal. The H+S pattern ends around 17k, which coincides with the weekly 200 SMA, several long-term trend lines going back to 2008 and Elliott Wave theory (it would be the end of Wave 4, the end of Wave 1 was at
13K). I have also drawn the primary and secondary and sub-waves of the Elliott waves going back as far as possible, if you want to take a look.
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.