Dear Reader,
The broadening ascending wedge (megaphone pattern) worked perfectly. It has ushered in the 4th wave of the Elliot impulse wave set. We have yet another bear flag forming, which will take us to the wave extension marked as 4.
If the price does not reverse upwards at the end of wave 4 and declines further, it will render the wave set invalid and we are probably looking at a low of $7000. However, if the price does bounce upwards to execute wave 5 of the impulse wave set, then we can expect a high of around $10 800. followed by a further extension up to $ 11 500. After this, a decline to $6800 - $7000 is inevitable.
Let's see what happens.
Happy Trading !