Wave 1 correction still in process
Updated
We are possibly in a zigzag formation for wave 2 before wave 3 starts
Note
Wave (c) is a 5 wave pattern which will end around the .618 fib level above $7,000. I would watch for a buy signal between 7K and 8K after completion of wave (c).Note
I finally came to realize 2 scenarios are likely to happen. Scenario 1: We may be observing the development of the wave (c) as mentioned above.
Scenario 2: Wave 2 is forming an ascending triangle which if it happens to be the case should have completed wave d and is gearing for a strong bullish move.
tradingview.com/chart/s4OTJ4cU/
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