Elliott Wave on a weekly chart
Today's price action is notable. It breaks several trend lines. Here, it completes a 5 wave pattern and moves us on to a 6-7-8 price correction. I'm calling $7,300 as 6, $6,800-$6,900 as 7, and $8,000 as 8. After that point, it will be a new ball game, and atm, I'm willing to call a reversal, w/ a new upward 5 wave count starting. Ironically, I am calling the new 8 wave series to kick off (point "0") right around $7,330.
This evaluation is based on Elliott Wave and trend lines. If I had serious money on the line (I'm HODLing underwater), I would look to confirm this prediction with 50 day and 200 day moving averages, momentum indicators (RSI, Stochastic, MACD) and Fibonacci retracements. I have found that Elliott Wave and fib. sequences, when they are a solid match, are great confirmation of what the momentum gang has to say.
This evaluation is based on Elliott Wave and trend lines. If I had serious money on the line (I'm HODLing underwater), I would look to confirm this prediction with 50 day and 200 day moving averages, momentum indicators (RSI, Stochastic, MACD) and Fibonacci retracements. I have found that Elliott Wave and fib. sequences, when they are a solid match, are great confirmation of what the momentum gang has to say.
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