The first correction that happened in May 2021 marked the first ABC of this correction sequence.
Intermediate Wave (W) consists of a subwave WXY. Wave Y consists of another WXY pattern (which explains the insane choppiness of price action from May 19,2021 - July 20, 2021)
Intermediate Wave (X) is pretty straight forward and consist of a ZigZag ABC pattern
Intermediate Wave (Y) is where it gets scary. We have an impulse wave (12345) followed by an abc followed by another impulse wave down.... not done yet
This could have marked the final corrective wave BUT the nature of recent price action makes me think otherwise.
As shown in what may be a possible triangle, this may be the wave x out of (wxy) - meaning we may see one more leg down to finalize this correction
Currently, I have the bottom projected at around 26-29K. Sounds insane but thats what this markets been. Insanity.
Expect the unexpected.
Intermediate Wave (W) consists of a subwave WXY. Wave Y consists of another WXY pattern (which explains the insane choppiness of price action from May 19,2021 - July 20, 2021)
Intermediate Wave (X) is pretty straight forward and consist of a ZigZag ABC pattern
Intermediate Wave (Y) is where it gets scary. We have an impulse wave (12345) followed by an abc followed by another impulse wave down.... not done yet
This could have marked the final corrective wave BUT the nature of recent price action makes me think otherwise.
As shown in what may be a possible triangle, this may be the wave x out of (wxy) - meaning we may see one more leg down to finalize this correction
Currently, I have the bottom projected at around 26-29K. Sounds insane but thats what this markets been. Insanity.
Expect the unexpected.
Another possible outcome. Correction may be finished already and we move down now