because we are now assuming wave 3 is done and wave 4 is in place AND this is a macro wave 4, we have many more weeks of bear activity.
Considering a macro wave 4, it would make sense that we have 5 down. It appears we are in wave 3 of 4 downwwards and $7.5k is the target.
We will bounce up again for wave 4 of 4. whether we get to the resistance line, i dont know. The fact that we didn't this time makes me think this will be the final bull trap before wave 5 of 4 down.
We can see that the .786 fib of the ENTIRE wave 3 from 2016-2017 provides the PERFECT bounce point for a gentle upwards that will keep btc long term.
(keep in mind this wave 4 can drop as far as $1300 and be above the macro wave 1 before the Mt gox collapse and still be . Not excited about that though...)