With my bearish outlook now mostly invalidated (hopefully no Black Swan Event to ignite an M formation on the Weekly), I'm looking to the next potential moves to come for our lord and savior with price projections based around levels of support, potential gartley patterns, Fibonacci and extensions. Price zones are only estimations, but I'm more so looking for the movement shape.
After a nice Elliott wave move to a new peak at 41k I'm looking to complete it's ABCD pullback with a bullish gartley beginning to form. First leg of the ABCD I see a retest of between 37.1 and 36.6 to complete B. Once bear strength fizzles and daily RSI balances out we could then see a small rally in an attempt to make a break passed a quicksand zone between 38.7-39.5 to complete move C.
Potential head and shoulders to form here and bring us back down to between roughly 36.3 and 35.5 by around February 13-16 to complete move D. This would complete the bearish gartley as well while staying within it's properties.
From here I would anticipate the next leg up. My current price outlook is coincidentally around my lucky number at around 44.4k with my first fib extension (depending on placement), but there's potential to still experience minor pushback as we approach a retest of previous ATH's.
After a nice Elliott wave move to a new peak at 41k I'm looking to complete it's ABCD pullback with a bullish gartley beginning to form. First leg of the ABCD I see a retest of between 37.1 and 36.6 to complete B. Once bear strength fizzles and daily RSI balances out we could then see a small rally in an attempt to make a break passed a quicksand zone between 38.7-39.5 to complete move C.
Potential head and shoulders to form here and bring us back down to between roughly 36.3 and 35.5 by around February 13-16 to complete move D. This would complete the bearish gartley as well while staying within it's properties.
From here I would anticipate the next leg up. My current price outlook is coincidentally around my lucky number at around 44.4k with my first fib extension (depending on placement), but there's potential to still experience minor pushback as we approach a retest of previous ATH's.