Currently, we are at the end of correction wave C as long as we are holding the 29.9k level, if 29.9k holds, a new cycle will start and we will see new 3 impulsive waves to the upside to 72K plus levels.
the other scenario that could play out is losing the 29.9 k level, this will lead to losing 23-24k level after bouncing temporary from this region and therefore losing 20k and find the support at 17.7k as the last hope to resume the ae new bull cycle.
the other scenario that could play out is losing the 29.9 k level, this will lead to losing 23-24k level after bouncing temporary from this region and therefore losing 20k and find the support at 17.7k as the last hope to resume the ae new bull cycle.
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Just to be more clear in the analysis above:
wave C of the movement technically must end at 30290 (161.8) in order to resume the uptrend, we can assume that the price went beyond this price slightly due to the dynamic impact market and the fear associated with that sudden and fast move.
in some very rare cases wave C end up at (261.8 = equal to 12k) with a chance of less than 1%.
so, if we assume that wave C already over, we must turn bullish to ride the new wave 1.
wave C of the movement technically must end at 30290 (161.8) in order to resume the uptrend, we can assume that the price went beyond this price slightly due to the dynamic impact market and the fear associated with that sudden and fast move.
in some very rare cases wave C end up at (261.8 = equal to 12k) with a chance of less than 1%.
so, if we assume that wave C already over, we must turn bullish to ride the new wave 1.