Elliot wave update 03/08/2022
After some slow overlappy price action; from previous analysis I had labeled the recent top at $24650 as a WXY correction completion and as Swing high which could push us much lower and start a new downtrend cycle. From the high we have developed a 5 wave leading diagonal structure where a ending diagonal wave 5 falling wedge pattern has formed notably tagging the 0.618 extension of waves 1-3 giving some validity to the move. This provides a good shorting oppurtunity upon confirmation of a corrective structure upwards into previous resistance; using a fib extension of wave A some potential levels for reversal can be found in conjunction with resistance areas which could provide good levels to short from.
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