I commented previously we are in the Wave 5 of an Elliot Wave. Currently, we are seeing a micro Wave and we are at Wave 3. We will be heading towards 58k in a weeks time and retrace to 54k before hitting 64k. As you can see, the micro Wave 5 (blue bubble) and the bigger Wave 5 (green bubble) are very close
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If you wonder how Wave 3 and 4 are identified, their length is calculated using the fib time zone, extended from Wave 1 - 2. This goes the same for Wave 4. And from this observation Wave 4 rule on the alteration where if Wave 2 is steep, Wave 4 should be flat, vice versa.
Comment:
Candles have been lining up along the major Wave 5. The micro Wave 3 candle just broke through the 1.618. 1.618 on Wave 3 is the general rule but it can be easily exceeded and still lies within the Elliot Theory. Continue to observe until it hits a bear candle for the pullback to Wave 4.
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If you draw a fib from Wave 2 (5th Mar) to Wave 3 (I've reset on my chart to 13th Mar), the current wave 4 should not exceed 0.382 pullback which sits at 56k
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By time this Daily candle closes as 3 white soldiers, we will break ath again.
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Looking at the chart and indicator, 60k looks like it is due in couple of days. We just bounced off the support on the parallel channel and the candle is sitting on top of the orange line nicely