Stoic-Trader

Stoic-Trader

The green channel didn´t hold, so I´m adjusting green abc correction as a running flat instead of a zigzag. But the count is still the same as my previous post.

Stoic-Trader

I´m currently looking at 2 possibilities: regular flat or running flat. In the case of a running flat, the correction may be ending. For a regular flat, we would see further downside down to the 1.50 region. My primary scenario is a regular flat, and will not take any short positions unless price action shows me otherwise.

Stoic-Trader

The blue channel was broken, and the green channel persists, for a Wave b (green) in my primary count. 1st target is the descending trendline from May highs. 2nd target is the middle of the green uptrend channel.

Stoic-Trader

Sorry for the clickbaity title... 🤪 Upper channel boundary was touched and immediately rejected. We have RSI divergences on H4, D and W timeframes. Does this mean that you should run for the hills? Not yet, since we´re in a uptrend channel... but I wouldn´t raise my bets irresponsibly on further bullish price action. We could even break the channel or run...

Stoic-Trader

We´re currently making a correction to the upside, but I still expect at least one more leg down. It would be nice if the correction would go to at least 38.2%(@ 1.19888) to give us more confidence on a short position.

Stoic-Trader

Pullback is underway. If price rebounds from yellow area, I´ll go long.

Stoic-Trader

The strength of the drop, with broken trendline & support, is making me consider that we still have´t finished the correction from the impulsive wave that started on March 2020. In that case, the 1.15 area is now on the cards.

Stoic-Trader

Had a nice recovery from Wednesday´s lows, but we´re not off the hook yet. On the chart I´m showing a bearish (blue) and bullish (purple) scenarios. Since the overall trend is still up, I´m using the bullish scenario as primary, and it will be confirmed above 4240.

Stoic-Trader

We have been in correction mode since the ending diagonal was concluded in late January. On the chart below I´m showing 2 scenarios: PRIMARY (light blue): A-B-C correction that would take us closer to $100 SECONDARY (purple): Triangle that would keep us sideways for a few more days.

Stoic-Trader

Some interesting price action on the last few days, with bulls coming into play with increased volume (nothing exceptional - see yellow box on chart). We may be looking at the beginning of a new push to fresh highs.

Stoic-Trader

We have a broken trendline, and the trend is clearly to the upside, but I do expect a short term correction, Ideally testing the trendline. Expecting a pullback to the 1800-1825 range. It is not clear wave B (green) is over, since the first leg looked impulsive.

Stoic-Trader

We seem to be forming some kind of ugly expanding triangle, with targets @ the low .80s.

Stoic-Trader

Our first correction leg seems to be over, but I´m still not convinced that this is the end of it. Considering an impulsive wave that began in late March, it would really be nice if we got a pullback all the way down to 1.95-1.20.

Stoic-Trader

Recent price action suggests that the downtrend is still intact... I don´t recommend any long positions at this moment. BTW, Wave 3 (light blue) was 161,8% of Wave 1, which could indicate an extended Wave 5 is in the cards.

Stoic-Trader

We´re breaking out from May´s highs, and I have my next target in the 110.50 area... confluence of: Bat Formation 100% ABC extension 88,6% retracement Test of 2021 highs).

Stoic-Trader

Price action is definitely bullish, but I´m not a buyer at current levels. A pullback (at least to 317) would be nice to look for new longs. The wave count presented in the chart considers a correction is taking place, but only below 314 I´ll consider any short positions.

Stoic-Trader

We have retraced 50% from 0 to ATH, which is also a 161,8% extension on a zig-zag correction and major support from January 2021. I expect uptrend to resume, but be careful of major resistance @ 42-43k region.

Stoic-Trader

As long as .67152 is not broken, I assume we are forming a corrective pattern and uptrend will soon resume. The .68500 region (purple in the graph) is very interesting to watch for a rebound (61.8% retracement, volume profile, 161.8% extension). If I see RSI divergence on the daily chart, it will lead to an ideal trade.