If the weekly candle closes below 89,150; we probably visit 70-80K region, where at this point I am pre-disposed to consider this bull market to be over, despite its relatively short duration. Of course we will have to see what price has done at that point. Regardless, there should be a very significant bounce off those levels if this occurs.
My understanding of EW theory suggests price may have completed/has almost completed an 'expanded flat' corrective phase, and that we will have an extended 5th wave as in the 2017 cycle--although probably less explosive. IF price were to recover from these levels, we should have some very nice gains in the months ahead. The alternative scenario is the 5th wave has ended and the bear market has begun--in this case a sell the bounce from the 70'sk should be executed to liquidate any long-term positions.
As usual, give the above framework I believe the market will tell us what will happen.
My understanding of EW theory suggests price may have completed/has almost completed an 'expanded flat' corrective phase, and that we will have an extended 5th wave as in the 2017 cycle--although probably less explosive. IF price were to recover from these levels, we should have some very nice gains in the months ahead. The alternative scenario is the 5th wave has ended and the bear market has begun--in this case a sell the bounce from the 70'sk should be executed to liquidate any long-term positions.
As usual, give the above framework I believe the market will tell us what will happen.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.