Bmello

Bmello

We have now had a solid week above the 29K dump level. Plenty of time if we were going to drop. I want us to come back to 33500-33900 and take our 4th wave back to 48k, from there we should get one more down. If that support holds at 29k we either go sideways or up.

Bmello

Don't buy. The end.

Bmello

I have a strong contender for a really nasty drop, that only a whale could love. Think like a trader, I want to break the range low and then take it back up as high as 52k. There is no juice above that. So stay out after. B down C up

Bmello

We just had a failure B channel. There is no safety in levels above $52, That will complete our B down and we go up for new highs. I will be all over this to hedge myself from Obama Gas prices. We are going much much higher. $77 is the is the next target.

Bmello

From the beginning they could have let it reset at 3k and under, yet the powers that be took it up instead. You can't prevent gravity from natural law. Circuits need to close eventually, If this 42k fails, there is a very strong potential for a C wave down. Nobody would believe it's coming.

Bmello

Renko is leading to me to believe this is a rising wedge. The typical retracement on leading wave is 50% Taking us down to 29k. From there we can start talking about 63k 5th waves and then exit the market.

Bmello

I see us filling the other side. They can only skew the chart for so long. You run out of buyer interest. Good luck and keep in mind this is only one of a dozen ways to eventually break the top. Longer term wait for 6800.

Bmello

I believe this 4 up and we get another leg down to complete the C down

Bmello

I caught none of that move. I wasn't going to pile in without a plan. think we have 3 waves that take us to 16000, but we really need to dump first.

Bmello

My last update I speculated a really nice leg up 1:1 of the bottom leg. After doing a little more TA I have concluded the center was a triangle. I'm interested anywhere between 6200 and 6300 hundred. Don't get overly paranoid about the to the .01 cent entry. This is the trade I have been waiting for. Patience.

Bmello

Speculation 6300 back to 9500 with an equal 1rst leg added to the top. It's all corrective, but the profits are the same .Take it and go.

Bmello

I got what appears to be a flag forming. That a good continuation structure. Looking for 8k.

Bmello

I have tried going bullish a few times down this Bloody mess. I really thought we would test 8400, but it's not looking promising for bulls. Watch Daily RSI even with this little push it's still flat. Looking for 7400 zone, before an attempt back to 9050.

Bmello

I decided to spend some time on the inverted chart. Clearly looks like our 4th wave collapsed out of the wedge. if we continue going lower I anticipate $5700, before turn around.

Bmello

This channel is what I'm currently working with. I had a strong to desire for 8k, but I'm personally hoping it under-shoots to 7920. From there we get a small mercy pump to 8640, before coming back down to test 8k for support. Ultimate move back up would be 9423. Then watch out below. There is hard core potential to dump to $5500. Stay un-REKT.

Bmello

Chart speaks for itself. Going to dance around a few more swings. No time frame. Make a flat back up and fail totally possible, before getting the death leg down to 4640ish.

Bmello

There is some logical EW structured TA here, but beyond that my gut tells me we re-test 3k and wipe out all longs.

Bmello

Don't get twisted this could be a three leg move. Weekly 200MA at the 5200 level, leave room for slips. I had 5100 in place first. We have to touch a trend-line you can't just stay floating in the air without finding termination.