A very complex corrective wave is indeed what we seem to be i.e. Triple Combo Elliott Wave WXYXZ.
It is down to interpretation but I think we could be making the (B) wave now of the Z combo.
This video explains it nicely with the ABCDE triangle happening within the first X wave.
Note the 1:1 in the (a) wave down of the (v) wave which is classic Elliott...
Well it is easy to see now that the bears want lower prices early next year, so I have targets now of $5.5 to $5.875 as obvious Fibonacci levels to buy more should it decide to break below the legacy trend line in yellow!
Of course if these support levels break then 78.6% of the swing low to high of this year will be targeted.
If this level holds now we may have formed this harmonic pattern which signifies a bullish tone ~ expect to test the anchored VWAP blue line or levels $7.8K to $8.2K?
This pattern also spotted by : twitter.com