Blue or Pink?
I have in blue a bearish count where we are one MiniSubwave 2 of SubWave C (of Wave 2). In pink is the bullish count where we have finished SubWave C and are on Minisubwave 3 of Wave 3.
Looking at the 4 HR RSI, OBV and MACD supports the pink wave I think. The OBV has turned to positive trend since $7800, and if we are on wave 3, that means that wave 2 retraced to sub-wave 4 of Wave 1 - which is typical behavior. It's a shallow retracement which implies a bullish sentiment which we have seen this past week.
If the price exceeds $8165, then the bearish count is invalidated. If the price goes below $7800 then the bullish count is invalidated. The validation channel is drawn in purple.
I have in blue a bearish count where we are one MiniSubwave 2 of SubWave C (of Wave 2). In pink is the bullish count where we have finished SubWave C and are on Minisubwave 3 of Wave 3.
Looking at the 4 HR RSI, OBV and MACD supports the pink wave I think. The OBV has turned to positive trend since $7800, and if we are on wave 3, that means that wave 2 retraced to sub-wave 4 of Wave 1 - which is typical behavior. It's a shallow retracement which implies a bullish sentiment which we have seen this past week.
If the price exceeds $8165, then the bearish count is invalidated. If the price goes below $7800 then the bullish count is invalidated. The validation channel is drawn in purple.
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