Been playing around with fib ratios and think we might be working towards something like this to complete our (c) of B. We turned around from our bottom last night/this morning with 5-waves up on the micro. Based on that, I think we could make a run for $8700. I believe we still need one more wave down to complete this corrective leg before getting some bullish momentum again. $8700 target on way up. $7500-$7100 target after that. If we fall short of the upper trend line, then expect wave 5 down to do the same. We could double bottom here or not make a new low at all.
Immediate sentiment is bullish, up to $8700. Stop loss $7900. If we break out of the wedge on substantial volume, I would consider this corrective phase over for the time being.
Immediate sentiment is bullish, up to $8700. Stop loss $7900. If we break out of the wedge on substantial volume, I would consider this corrective phase over for the time being.
Nota
Upon further inspection I still see this as a potential outcome, but am leaning more towards immediately bearish. If we see a break above $8400 on volume than this idea is where I see it heading, otherwise I think we will start wave 5 downwards towards $7400-$7275.
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