Longer term look in crazy times
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.
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.
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.