IMO we got a big ABC to the upside, with 2 smaller ABC in between. Now either we will get a rejection off 48830 which is below the (Pink A), which is a short.
Or we gonna put in another higher C, of the yellow ABC structure, which might have another push to the upside. If it happens like this, I will be shorting the A of the "yellow ABC" for now around 50100.
For now, I cant say, where the Yellow Wave C will end. But we don't have to. We just know, that as soon as we come back below the A, which are supposed to be short, and so on.
So overall, we are bullish above 45k on a medium Structure, but approach important levels on the macro picture, which would call for another correction to around 35-40K IMO.
for a downward correction we have 3 Scenarios:
Scenario 1 Most bullish one:
we correct about 0.382 - 50% of the current uptrend and would find a bottom (Wave B of the Macro count) at around 39200 - 42k for longs.
Scenario 2 Medium Bullish one:
We correct about 0.786% to 100% (double bottom) on the macro count which would give us levels around 30-33k to long.
Scenario 3 Least Bullish one:
We get a sharp selloff and take out the 28.8k lows. If this happens, I don't know how far we will drop. But I know that as soon as we come back above the 28.8k lows, I will be long because then we got a huge A, a huge B, and a lower C.
And as soon as you get above or below a B you want to be short/long.
So that's the overall game plan for the time being.
Solid prepared for any scenario coming.
Happy Trading!
Or we gonna put in another higher C, of the yellow ABC structure, which might have another push to the upside. If it happens like this, I will be shorting the A of the "yellow ABC" for now around 50100.
For now, I cant say, where the Yellow Wave C will end. But we don't have to. We just know, that as soon as we come back below the A, which are supposed to be short, and so on.
So overall, we are bullish above 45k on a medium Structure, but approach important levels on the macro picture, which would call for another correction to around 35-40K IMO.
for a downward correction we have 3 Scenarios:
Scenario 1 Most bullish one:
we correct about 0.382 - 50% of the current uptrend and would find a bottom (Wave B of the Macro count) at around 39200 - 42k for longs.
Scenario 2 Medium Bullish one:
We correct about 0.786% to 100% (double bottom) on the macro count which would give us levels around 30-33k to long.
Scenario 3 Least Bullish one:
We get a sharp selloff and take out the 28.8k lows. If this happens, I don't know how far we will drop. But I know that as soon as we come back above the 28.8k lows, I will be long because then we got a huge A, a huge B, and a lower C.
And as soon as you get above or below a B you want to be short/long.
So that's the overall game plan for the time being.
Solid prepared for any scenario coming.
Happy Trading!