A bear market has been in force since the beginning of the year 2022. Given the rebound occurring since mid-June, many investors may think the fog is clearing and prices should resume rising, however, nothing seems further from the truth. A common characteristic attending many bear moves across decades and many markets are 3 moves or waves, two moves pushing down with an interceding countertrend move. It's clear to my analysis that we are currently in that interceding countertrend move, that should be followed by a great crash.
Now I don't pretend to have a crystal ball and corrective moves can play in a wide variety of creative ways. It's nearly impossible, except for the clearest and cleanest of scenarios, to know for sure the way the rest of this second wave would ultimately play out. In my chart, I displayed two of the most likely possibilities one of which would mean the price is already underway its next move down, but then again this is mere speculation, and more importantly, my opinion. At the end of the day, this may play out differently with the connecting move finding resistance at a higher price before ultimately getting hammered.
All this goes out the window if prices zooms above its all-time highs.
Now I don't pretend to have a crystal ball and corrective moves can play in a wide variety of creative ways. It's nearly impossible, except for the clearest and cleanest of scenarios, to know for sure the way the rest of this second wave would ultimately play out. In my chart, I displayed two of the most likely possibilities one of which would mean the price is already underway its next move down, but then again this is mere speculation, and more importantly, my opinion. At the end of the day, this may play out differently with the connecting move finding resistance at a higher price before ultimately getting hammered.
All this goes out the window if prices zooms above its all-time highs.
