As per my previous analysis, the fractal is playing out nicely. Within 24-48 hours we will see one last push to the top. This will be somewhere between around 7850-8250ish. This will be followed by a bit of up and down for a few days, and then the leg down to 6380ish followed by a leg back up to 7100-7200ish. Then it is all down hill to 34xx.
Note
Zooming in on the action, we find a bearish ascending broadening wedge that supports the drop to 63xx before a bounce back up to 7600-7700ish before we begin our descent to 3400. Note
Have amended, I think the above pattern will play out, but I think it will be a whole lot slower - so more similar to this; but perhaps over an even longer timeframe. Note
All going according to plan - here is how it will play out approximately Note
82x-84xx coming very shortly then imminent dump to 61xx coming within 48 hours. We will hover around 61xx-63xx for 2-3 days before the meteoric rise back up to 8K. We will then hover around 8K for 7-10 days or so before we begin our drop back to 3350. On the way down we will halt temporarily around 66xxish and people will assume we are starting to form a bullish ascending triangle in pink. Longs will increase in which case they will be liquidated when we drop back to the bottom in a spectacular long squeeze.
Note
Note: There is a chance we go as high as 8850 as the top, though I think this is unlikely. Just be wary of your entry for short back down to 61xx.Note
Another possibility is that we break this support and head down without making a higher top: Note
Or Note
Sorry = Note
Ok, final update before the dump. Dump will arrive within 24 hours, it doesn't look like we will actually go any higher than around 8060. Entering shorts now. Note
Imminent dump incoming.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.