The yellow circle indicates where the price has hit again the upper trend line (light blue) in this correction. It has briefly peaked above this trend line only to go back up again, but we are running out of space before we hit the end of the triangle (the bottom of the triangle is the neckline of the heads and shoulders in light blue).
Or... we could be in this orange ascending wedge which is a bearish pattern but could signal a much higher price in the short term before plummeting.
This decision point is right now between the 0.5 and 0.618 Fib retracement, and historically the price correction has ended after hitting one of the Fib levels 0.5, 0.618 or 0.786.
You can see in orange, I have drawn what I believe is a Wave B as subwaves ABCDE pattern, which fits the price movement remarkably well; so drawing what I plainly see as a 12345 wave A coming down, and ABCDE wave B, and now starting a Wave C going down, allows me to invalidate this pattern if the price movement deviates from my wave structure.
I have not had to change my 12345 wave stucture going down, and it's clear to me that from then end of what I think is Wave A till now, is this uncertain up and down roller coaster of the price which is characteristic of a corrective wave than an impulse wave.
I think long-term we are definitely heading down, but the price could go back up to $47k before going back down again (0.5 fib retracement level from the high)
Or... we could be in this orange ascending wedge which is a bearish pattern but could signal a much higher price in the short term before plummeting.
This decision point is right now between the 0.5 and 0.618 Fib retracement, and historically the price correction has ended after hitting one of the Fib levels 0.5, 0.618 or 0.786.
You can see in orange, I have drawn what I believe is a Wave B as subwaves ABCDE pattern, which fits the price movement remarkably well; so drawing what I plainly see as a 12345 wave A coming down, and ABCDE wave B, and now starting a Wave C going down, allows me to invalidate this pattern if the price movement deviates from my wave structure.
I have not had to change my 12345 wave stucture going down, and it's clear to me that from then end of what I think is Wave A till now, is this uncertain up and down roller coaster of the price which is characteristic of a corrective wave than an impulse wave.
I think long-term we are definitely heading down, but the price could go back up to $47k before going back down again (0.5 fib retracement level from the high)