Mr Elliot says the Bull run cycle has completed
What an amazing rally !! Who would have thought ?
Congratulations to everyone who took part and made money in this run. So this cycle started in March last year and made 1500% gains roughly till wave 5. Now what we have formed is a ascending wedge which is breakdown pattern. It has contacted 3 times on top line of the wedge and next move should be leg down to wedge support line and possible breakdown ( wait for confirmation on 4hr candle close below wedge support).
It’s obvious that we will have a correction but the gap between 50MA and 200ma is worrisome ( red line, black line). I would start going long from .618 fibb and will add another 50% on .786 capital in different assets.
Red Line 50MA historically proved a great entry point and provided support to the trend.
RSI been printing multiple bearish divergences which is usual in a bull run.
Thanks for reading
Please like or comment
Congratulations to everyone who took part and made money in this run. So this cycle started in March last year and made 1500% gains roughly till wave 5. Now what we have formed is a ascending wedge which is breakdown pattern. It has contacted 3 times on top line of the wedge and next move should be leg down to wedge support line and possible breakdown ( wait for confirmation on 4hr candle close below wedge support).
It’s obvious that we will have a correction but the gap between 50MA and 200ma is worrisome ( red line, black line). I would start going long from .618 fibb and will add another 50% on .786 capital in different assets.
Red Line 50MA historically proved a great entry point and provided support to the trend.
RSI been printing multiple bearish divergences which is usual in a bull run.
Thanks for reading
Please like or comment
Note
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.
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.