MGC1! Because price broke below that 3280 support, my next target will be 3160 if price breaks 3210 support.
If my Elliot Waves count is correct and we do have one more pump wave, that will be our Wave 5 and the target remains at the 3800-3600 range but with chances of parking right in our danger zone, since that was when we got our volume peaks that possibly indicates trend exhaustion.
MGC1! The play is still valid, but it worries me that bearish volume was increasing and we now slowed down on volume, Depending on how price reacts in that "support line, I might be looking into cutting profits.
If price breaks that ascending trendline below with high volume, I will take the L.
MGC1! This is our danger zone people. Monthly is closing with a stupid high volume candle, and the same is seen on the Daily and Weekly.
These are the "Buyers Climax" candles that indicate early signs of a reversal.
Price will be giving us a bunch of bearish divergences to trap early bears, so thread lightly.
I don't believe we are reversing right now. This move down was just a quick ABC Retracement. There's high chances that the retracement is over, however our "danger zone" is there to remind me to watch price action carefully as there's a possibility of a longer ABC retracement.
My Wave 5 target is that 3800-3600 range but the fun thing is that price is at the ending of 3 different cycles of 3 different wave counts. The price action will be crazy and risky. We might be forming the ranges for a consolidation that could last at least 3 more months, possibly even more.
In the short-term, the bias is still bullish. But we gotta be watching carefully for price action is this range that we are in now.
MGC1! Because price broke below that 3280 support, my next target will be 3160 if price breaks 3210 support.
