Here comes the relief bounce to 43k

The drop looks like 5 waves, assuming its the first leg of a larger ABC. So expecting a 3-wave B wave bounce to 0.5Fib to 0.618Fib (blue box)

Reasons for assuming 5 waves
1) Wave2 deep while wave is sideways and shallow
2) Wave4 rejected at channel bottom

Assuming 5th wave done with the bullish divergence on the RSI (blue line)

Next steps:
The move to 43k+ should be in 3-waves for this chart idea to be valid
200DMA is expected to offer resistance

Trade closed: target reached

6 weeks later, we got the move up to our blue box and hit 200DMA. I'm assuming this was an ABC, will keep an eye on the next week movement

Hope this helped

imkeshav

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imkeshav

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