I reaffirm my bearish outlook

3. Juli 2016

Wave B (pink) took longer then expected but the bears are ready to emerge again. If the bulls are unable to retest the resistance at $705 the most likely scenario is for a new strong decline to the $500 level. I will not rule out even lower lows but I still need to see the pattern of the market. I am sure that most of the bulls can get upset with such scenario this is why I am in a hurry to explain that if the path of the decline is to stop at the described level I will be looking for strong buy signals. Wave C (pink) may be finished around the halving date but it can take longer. The timing is the most difficult factor to be predicted. If the market prove this scenario to be right, then we will see a great bull market and the price will be ready to skyrocket in a way I will try to describe when I see the signals occurring in the chart. For the moment I prefer to keep my analysis short and see what the market will decide and enjoy my vacation. I will writhe a new update only if urgent signals occur before halving date.