We seem now to be on a possible wave 3, of the C wave in the ABC retracement of the long term trend.
This stays true as long as we don't go beyond $8,250-$8,500. This range has 3 elements of confluence that should provide a relatively good resistance.
If the range is not broken we can expect a new down trend that will end between $4,500-$3,500 (I know that it's a really large range, but I can't be more precise at the moment). I would say $4,500 is extremely likely if the above where to happen and I would ladder my buy with 50% at this level, 25% at $4,000 and another 15% leveraged at $3,750 and another %10 leveraged at $3,500. Long term target from there would be in the $33,000-$35,000.
If we end the bear market here, then $35,000-$37,000 will be hit.
This stays true as long as we don't go beyond $8,250-$8,500. This range has 3 elements of confluence that should provide a relatively good resistance.
If the range is not broken we can expect a new down trend that will end between $4,500-$3,500 (I know that it's a really large range, but I can't be more precise at the moment). I would say $4,500 is extremely likely if the above where to happen and I would ladder my buy with 50% at this level, 25% at $4,000 and another 15% leveraged at $3,750 and another %10 leveraged at $3,500. Long term target from there would be in the $33,000-$35,000.
If we end the bear market here, then $35,000-$37,000 will be hit.
Komen:
Forgot to mention! if we go down from $8,250-$8,500 range, we need to break $7,400 in order to have a clear short signal.
