Gold charts ready to moon, JPY pairs had a healthy pullback and ready for another leg down.
Stock indices making bearish patterns.
Political tensions at ATH, Fed tightening interest rates and removing stimulus/ support for the stock market.
The stars have aligned. The stock market is ready for a HUGE correction.
Classic Elliot wave analysis.
Price has made a...
We are now in B wave of overall ABC corrective wave. I expect it to bounce off of 200DMA @ around 8500, and make another runup to 12200, which conveniently conincides with top of wave 4 of the first (12345) down from 20k.
If you look at the weekly charts, you can see the MACD and RSI are barely corrected, which makes me to speculate that it will go another 12345...
So we bounced off the mega downtrend line connecting all the way back to 20000 ATH. Big fat red candle on the 4HR reflects bearish sentiment still strong.
MACD showing lower peaks and now curving down.
Until we break last week's high of 11776, technically we are still in correction mode.
So in this chart I present the scenario in which we are in B of ABC...
My previous analysis stated that a correction back to test 200DMA and a bounce off from there was expected. Well, BTC is so bullish that a measly 0.236 fib level was enough to stop the bears from advancing furthur. So this warrants a more bullish update and end-target to my previous analysis.
A direct copy-paste of previous run-up from 6000 to 11776 would project...
