Here we can see the whole scenario with detailed markings of all steps taken until we get to where we’re now… This chart is a great example to study forms of progress, since it shows different variations of waves and subwaves. We have fractals and despite our target pointing down, the prognosis is bullish. Remember that every correction is healthy and we can’t consider this one as a crash at all. The targets presented in previous TAs still in the game and have only been postponed. The purple dashed line shows where we have strong resistance and where we should land at the end of wave C of the A,B,C correction that we’ve already started. If that’s the case, our next target is touching the line at $6K. In that situation, if the MACD shows us a buy signal, it can be a great time to board on our rocket! In the case of the purple dashed line is broken down, we’ll probably reach $5K (ONLY if the line doesn’t support and DECISIVELY broken down, which isn’t the most likely for the moment).
Here we’ve a closer view… What happens when the wave E of ‘Elliott Triangle Wave’ (A,B,C,D,E) ends at the top? We’re taken down.