I am overall bullish and leaning towards breakout - HOWEVER we have to mindful of a dead cat bounce here and lower lows.
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Wave 3 completed right at the 38.2 as expected - beautiful move. I *think wave 4 is done as well, it came down and tested around 10,200. We should be on our way up to test the blue channel. Wave 4 could also wiggle down a bit lower beforehand. HODL!
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Painted a BEAUTIFUL elliott wave here, almost exactly as laid out 2+ weeks ago. We have heavy resistance at 11750~ with two Fibs (not shown), the prior high, AND the channel wall. Highly likely there will be some consolidation there. If we can break up 12k~ with conviction, we could really launch.
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Bounced off the resistance mentioned in the previous comment. See the precise tag of the blue TL? This trade is effectively closed now - But I am looking for bullish continuation.
@javadth, Yeah I believe we put in a major bottom at 5850~. We will probably have some consolidation at the coming resistance, but we are in a launch setup imho. I believe we will be at 15k~ within a few weeks. We'll see how it reacts at the Trendline and I'll re-assess if need be. But for now, BULL