Ellio wave theory both short terms scenarios bullish and bearish
That’s the both scenarios that are playing on the charts from Elliot wave’s theory
Bullish scenario is the following we finish the corrective wave of ABC in orange as showing on the charts and now we are heading for this uptrend to continue our wave 3 in green that will take us to the areas of 71k.
As you see that I have labeled the white scenarios from 1 to 5 and now potentially we complete wave one and maybe market will give us one more high for this wave potential targets is btw 64,106k to 66,020k. Before pullback for wave 2 if we dident get the one more high then our support for this wave 2 in white is btw 61,682k to 59,882k if we break below 59,882k then this scenario will be invalidation that will take us to the short term bearish scenario
Short term bearish scenario is as following since the 24 of September we start the correction for the up trend that happens since 6 of September and our main support areas is btw 59,500k to 55,500k wich is in red areas.
Now this scenario is playing by WXY in white as showing we complete W an X the Y scenario is part of ABC in yellow we complete A with bottom of 58,900k now we are folding the B that can extend higher. After wave B we will have wave C to the downside to complete the WXY and targets for this wave is in our red area btw 59,500k and 55,500k. To confirm wave B is topped we need a break below 59,880k to confirm this scenario.
https://www.tradingview.com/x/H5nVWnlS
Bullish scenario is the following we finish the corrective wave of ABC in orange as showing on the charts and now we are heading for this uptrend to continue our wave 3 in green that will take us to the areas of 71k.
As you see that I have labeled the white scenarios from 1 to 5 and now potentially we complete wave one and maybe market will give us one more high for this wave potential targets is btw 64,106k to 66,020k. Before pullback for wave 2 if we dident get the one more high then our support for this wave 2 in white is btw 61,682k to 59,882k if we break below 59,882k then this scenario will be invalidation that will take us to the short term bearish scenario
Short term bearish scenario is as following since the 24 of September we start the correction for the up trend that happens since 6 of September and our main support areas is btw 59,500k to 55,500k wich is in red areas.
Now this scenario is playing by WXY in white as showing we complete W an X the Y scenario is part of ABC in yellow we complete A with bottom of 58,900k now we are folding the B that can extend higher. After wave B we will have wave C to the downside to complete the WXY and targets for this wave is in our red area btw 59,500k and 55,500k. To confirm wave B is topped we need a break below 59,880k to confirm this scenario.
https://www.tradingview.com/x/H5nVWnlS
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