This idea is based on the possibility that the move from the 69k all time high is a wave 1 of a massive bull cycle (wave 2 being 15k) . This means we are bound for the wave 3 which may present larger all time high after the correction to be presented.
We are currently on the end of the sub-wave wave 3. Although commonly, wave 3 are the waves which presents the largest impulse, the resistance in the 48k level is just too much.
The bullish scenario of all time highs are not yet out of the picture as wave 5 can extend as much as possible if the strength is maintained in the correction.
The type of correction I expect to happen will be an ABCDE triangle. It gives the opportunity for the sudden move to the upside (27k - 48k) to be filled in. It would be more appropriate to fill in large moves before moving further.
Presented also is the approximate pivot points of the correction that may happen in the following months (although I'm very sure about the wave A being around 30.3k).
The market is full of unexpected moves. There is also a bearish scenario which will not expounded here. Although, I would be proud if this would play out.
We are currently on the end of the sub-wave wave 3. Although commonly, wave 3 are the waves which presents the largest impulse, the resistance in the 48k level is just too much.
The bullish scenario of all time highs are not yet out of the picture as wave 5 can extend as much as possible if the strength is maintained in the correction.
The type of correction I expect to happen will be an ABCDE triangle. It gives the opportunity for the sudden move to the upside (27k - 48k) to be filled in. It would be more appropriate to fill in large moves before moving further.
Presented also is the approximate pivot points of the correction that may happen in the following months (although I'm very sure about the wave A being around 30.3k).
The market is full of unexpected moves. There is also a bearish scenario which will not expounded here. Although, I would be proud if this would play out.