BTC Wolfe wave idea 21/09/21
Updated
Wolfe wave potential, from either here or lower. There is also potential for this to turn into a larger cup and handle.
Note
Price seems to have performed a swing failure, swooping the lows but failing to continue. As seen in the linked wedge idea below, RSI has now reversed and crossed back above the oversold boundary, signalling potential bullish momentum may be commencing. We also see good volume on this bounce. Now, it is a waiting game for price action on the upper trendline. FOMC is tonight, and the Evergrande situation isn't quite cleared up just yet - we could still be in for tricky waters.
Note
NDX and SPX seem to have rebounded off their weekly 21 EMAs, while closing above their 8 EMAs:DJI has bounced off previous support at 33600 but closed inside the 8-21W EMA band. However, it seems the closest to crossing it's Stoch RSI to the upside:
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