I expect things to turn around hard in the next couple of days. As long as we stay above about 8200 I'm expecting a big rise to 12.5-14.5k in about 2 weeks. Beyond that we could see a number of things. We may have a low volatility, sideways period, or we could sink back as low at 4-5k, which would present a nice buying opportunity before another major boom cycle.
We've recently had a clear impulsive wave, followed by a clear zig zag corrective wave. Lots of bulls are wanting these to be a 1 and 2, but it seems more likely that we're in the middle of a big ABC correction that will take us until June (the REAL wave 1 up will be a much more impressive and sustained rally). Looks like there will be a good selling opportunity...
Seems a very logical area for price to return to, many factors are converging on this one area. I think once this area is touched again, price can begin to move higher.
