Market is looking ominous, very high chance that we retrace our run up from March 2000. What we see on the top is a harmonic pattern (butterfly) - or a double top with target ~ 2000
$7200 bottom for MIL:BTC is in play in my view on this logarithmic chart. The bounce from $15.6K lows in December 2022 has died, almost like a dead-cat.
Looks like a 5 wave structure in the making. We are close to the top of this run and should start witnessing a retrace soon. We are all going to get very juicy entries into the market in the coming months.
The bounce from March lows complete from an EW standpoint. 1st Lower low established, Lower High should coincide with wedge resistance leading to the next leg down.
Fundamentals: Battery driven cars are fast catching up. Tesla's Model 3 is already the largest selling car model in US. The transition to battery driven cars is could be too rapid to give oil industry time to adjust. The price chart is already supporting the thesis.
