I see there is some sugestions that have wave 3 end at $5900 (and not wave 5). On this scenario wave 4 (a corrective abc ends at $11700 on the top down trend line.
On this scenario the current downtrens is wave 5 which will extend towatds the bottom of the bottoe downtrend line - some where areoin $2500 - $3500 during March April.
Would this violate any elliott thinking?
What are your thoughts?
frankykane
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@Gloshawk, Its true, but the top down trend line was not properly drawn. I must use a logarithmic view. We are now in wave 5. Let's go first to 6500 and after some correction 4500$.
Box1515
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4K is certainly possible, but I think it's unlikely at this point. We retraced nearly 100% from that last drop so I think the bottom was in at $5,900. Also, if we break above that down trend line it's going to trigger a ton of buy orders from the technical traders and the bulls will multiply exponentially, so if the dip comes after 12K I think the odds of 4K are even lower.
Resistance was correct with log view.