zarj

I have been considering that we completed a 5 wave structure that may be wave 1 of a much larger bull run if that is the case we have 3 areas to watch for this wave 2. First were now sitting at the .382 and if were super bullish we could go up from this point but I think likely we could see us drop down to the .5 or to really shake everyone out the .618. So if we do not hold this 50-51k area over the next couple days I think looking at 44kish for the .5 would be the next level but I would not expect it to be the long term hold. I think if we do lose the 50-51k that .618 at around 38kish is the most likely bounce point and if that is the case and it plays out as the end of wave 2 we have some wild targets up. If this were to play out and we drop to the .618 I would look at a wave 3 target at 1.618 of 130kish and it could go much higher but something to consider as panic sets in. This is just a fun idea I have so many things could play out but as we go full panic in the markets I like to look at the longer term.

Just a possible idea but we may have finished a wave 1 and could be working on the wave 2 in the C wave now. I see a possible bounce at the .5 level around $61500 also lines up with the 200 day moving average if this does hold we could see a target at the 1.618 of around $86000. This is just 1 possible option that I see if I'm looking for a bull case but you can also see options in the bear case. Just a fun idea I wanted to share as I try to get better with Elliott waves.If we don't see a strong bounce soon looks like the .618 will be the next support at $59000ish if we lose that I will be looking at much more bearish cases. I would think if we lose that .618 we should be looking for a new low in the current longer term channel.No bullish signs I would say this idea is nearly invalidated at this point unless we get a sudden bounce but think it is more likely to retest and create a double bottom now at the 53-54k area. I would expect a bounce at least from that area and will reconsider options once we see the reaction.