The elliot triangle wave looks to be holding true (ABCDE) and that means well be consolidating soon and maybe take off later. (YELLOW LINE)
If it doesnt hold, then it was a simple correction (ABC) and we are at the start of a new Elliot impulse wave (this would be wave 1-2) moving upwards. (GREEN LINE)
Worst case scenario is the red line, where we have a sell off and bounce off the high volume node down at the 100$ level, where there seems to be alot of buyers (this price area is what shot us up to the 400$ range)
If it doesnt hold, then it was a simple correction (ABC) and we are at the start of a new Elliot impulse wave (this would be wave 1-2) moving upwards. (GREEN LINE)
Worst case scenario is the red line, where we have a sell off and bounce off the high volume node down at the 100$ level, where there seems to be alot of buyers (this price area is what shot us up to the 400$ range)
Note
Correction: I meant we are wave (0-1) on the Elliot impulse wave. Which means we are due to go down first. If we go by the rules, wave 2 CANNOT correct 100% of wave 1; in other words, if we are riding this impulse wave were not seeing 100-120 ever again for a long time.Note
I drew a trend line that support the impulse wave i drew; this was not the only thing that guided it. Resistance at 230 and ATH were my original guides. Note
Looks like we bounced. Its looking like well doing another bounce around the 61% correction from the $155 level. Lets see where it goes. Note
This is the bullish outlook. The chart below shows an impulse wave, assuming the correction was a simple ABC. If this plays out, were in a critical buying zone right now, because wave 3 of an impulse wave is usually the longest, which will indicate a bull run and leave behind all these nice prices weve been seeing. Happy Trading!
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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.