XBTUSD New ATH before another corrective wave
Updated
1. Going on a hunch here that the true wave reversal occurred at the second bear rejection.
2. This puts us on Wave 3, which I suspect has not topped yet.
3. We may say a cup and handle form on quarts before breaking 5,000
4. Followed by retest of trend line during a choppy Wave 4
5. Finally arriving at the true ATH near 6,000 before another corrective wave.
Stay Long.
2. This puts us on Wave 3, which I suspect has not topped yet.
3. We may say a cup and handle form on quarts before breaking 5,000
4. Followed by retest of trend line during a choppy Wave 4
5. Finally arriving at the true ATH near 6,000 before another corrective wave.
Stay Long.
Note
The rally is proceeding much more rapidly than anticipated. There may not be any more major corrections until the 5750 target. Short positions are NOT adviser, however, this is a great place to start locking profits down if you have been in a long position.Note
If you took profits near 5750, congratulations! The correction occurred soon after hitting the price target. Given the bullish strength, I believe the correction is now complete and we will be heading back up.
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