$5,500 new low?
Updated
On a log scale, we're still in a downward channel as shown on the Schiff pitchwork. Using Elliott wave analysis, a descending triangle (b wave) is forming thus indicating that there might be another impulse wave down. A previous strong support line forms the upper boundary and the 0.786 forming the lower boundary highlights the target zone. I guestimate that this is gonna happen in the middle of January using the Fib time tool.
As usual, I have no idea what I'm doing and would love to hear any feedback for and against.
As usual, I have no idea what I'm doing and would love to hear any feedback for and against.
Note
I no longer believe we'll be heading below $6,000.
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