From last week we are looking at the alternative structure unfolding.
But this bear cycle is ending because it is a corrective wave, and I am expecting an ending structure that will be choppy but actually completing that (Y)leg in the red degree, which should come with strong divergence on the RSI. The blue strip extending from the blue-box is actually the 100% extension of the red (W) leg which began end of October 28, 2021 to January 22, 2022, which coincides with the lower boundary channel line. The red (Y) leg made an impulse to the downside rather than a 3 wave move thus we should be completing wave 5 in the coming days/week, with strong divergence(RSI) before we see an impulse to the upside. For me this is the last move to the downside...
Alternative...
I don't expect Shiba Inu to break below previous lows.
But this bear cycle is ending because it is a corrective wave, and I am expecting an ending structure that will be choppy but actually completing that (Y)leg in the red degree, which should come with strong divergence on the RSI. The blue strip extending from the blue-box is actually the 100% extension of the red (W) leg which began end of October 28, 2021 to January 22, 2022, which coincides with the lower boundary channel line. The red (Y) leg made an impulse to the downside rather than a 3 wave move thus we should be completing wave 5 in the coming days/week, with strong divergence(RSI) before we see an impulse to the upside. For me this is the last move to the downside...
Alternative...
I don't expect Shiba Inu to break below previous lows.
Now looking upside because of yesterdays strong impulse invalidating most of our downside key levels....