Last week's huge reversal candle most likely ended the bull run that started in January. There is a chance that proce will move sideways in a range for a few days and then make another peak above $124, but still it will be a 3 waves moves. So what does that put the current price action relative to the overall correction? Well, that depends on how the next 2-3 months play out. There are 3 scenarios:
1)Least bearish/ Kind of bullish: Minor degree wave 3 of 5 waves of intermediate wave A of primary wave (B). That means we will see some more bullish price action after some short corrections towards $132-$142. Then a larger 3 waves correction will be followed by another bull run towards the ATH area.
2)Somewhat bearish/ Somewhat bullish: Minor wave C of Intermediate wave A of primary wave (B). That will bring a 3 waves correction right away, and then followed by a bull run towards $150s.
3)Super bearish/ Bull is steak: This price move up has made it almost to 0.5 retrace of the initial wave (A) correction. That qualifies this move to have all of primary wave (B) complete. That will mean the primary degree wave (C) will start now or maybe after another short bounce. If the long term trendline breaks, then watch out below....a lot below...around $40!
1)Least bearish/ Kind of bullish: Minor degree wave 3 of 5 waves of intermediate wave A of primary wave (B). That means we will see some more bullish price action after some short corrections towards $132-$142. Then a larger 3 waves correction will be followed by another bull run towards the ATH area.
2)Somewhat bearish/ Somewhat bullish: Minor wave C of Intermediate wave A of primary wave (B). That will bring a 3 waves correction right away, and then followed by a bull run towards $150s.
3)Super bearish/ Bull is steak: This price move up has made it almost to 0.5 retrace of the initial wave (A) correction. That qualifies this move to have all of primary wave (B) complete. That will mean the primary degree wave (C) will start now or maybe after another short bounce. If the long term trendline breaks, then watch out below....a lot below...around $40!
