Been tracking this since last night. Waves are very similar as to a few weeks back, we formed a larger three wave pattern that manifested as two impulses with a corrective triangle in between. Last time we were struggling to break $12k, and then finally popped through to $13k. This time I think it's $8k and $9k. Also, the 150 SMA on the 1hr lines up with the downtrend line from our prior peaks. That will be my target.
*THIS IS NOT TRADING ADVICE*
*THIS IS NOT TRADING ADVICE*
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Also, note the overthrown wave (e), as is common. Could have a rubber-band effect in an upward impulse wave.
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New local high. Watch for volume to spike.
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Wanted to post a quick update. We failed to break the resistance at $8700 and have pulled back. Looking at the 15 minute chart, I believe we may be in an extended 5th wave. Our best hope right now is that we just finished the 4th subwave of the extended wave 5. If that is true, then we cannot cross in the price territory of wave (1) so this is where my stop-loss is right now. If we find support here, I think we will see a strong breakout.
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Fractals within fractals..
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