If we count waves according to Elliott Wave theory, we might see a final 5th impulsive wave going up to the $3000s.
Since we had a 3rd wave extension, the amplitude of the 5th wave should be around 100% of the first wave. This coincides with the double top that formed at $3123 beginning of March.
On the other hand, there is the $3000 level that got many price action since July 2019 that might stop the progression of the fifth wave.
My guess is that the fifth wave will come in the $3000-3123 range and then reverse to the $2930 pivot level.
If we break through that pivot, we might see a corrective swing down to the 2009 support. If this level of $2930 holds, we might consolidate and see higher highs.
Since we had a 3rd wave extension, the amplitude of the 5th wave should be around 100% of the first wave. This coincides with the double top that formed at $3123 beginning of March.
On the other hand, there is the $3000 level that got many price action since July 2019 that might stop the progression of the fifth wave.
My guess is that the fifth wave will come in the $3000-3123 range and then reverse to the $2930 pivot level.
If we break through that pivot, we might see a corrective swing down to the 2009 support. If this level of $2930 holds, we might consolidate and see higher highs.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.