The correction that we are due is well underway. We are seeing a technical bounce at the lower bounds of the parallel channel here at $8.6k.
Are we done correcting? It may be possible, here at the 38.2% correction range, which the algorithms are clearly picking up on, but this would be a very bullish case.
$8.2k target and $7.7 to 7.8k targets are not off the table yet (notice the confluence here of the extension of the A-B-C correction with the golden retrace zone)
If we do indeed go lower, it could turn soon, or generate a fake rally first before heading down. Have to wait and see.
Are we done correcting? It may be possible, here at the 38.2% correction range, which the algorithms are clearly picking up on, but this would be a very bullish case.
$8.2k target and $7.7 to 7.8k targets are not off the table yet (notice the confluence here of the extension of the A-B-C correction with the golden retrace zone)
If we do indeed go lower, it could turn soon, or generate a fake rally first before heading down. Have to wait and see.
