This is my current thought on the DJI 1-Hour chart:
Just to put into perspective of where we are currently at: Since this downtrend has started after the ATH of $29.5k, we have since then completed 3 waves and we are currently on wave 4, which should be an ABC. We have finished the A wave and are currently on wave B, and I think this is a possible area of reversal as we've had a 3-3-5 correction ending at the .382 fibonacci retracement support of the A wave up. So if this is the end of wave B, then I would target a 1:0.786 - 1:1 extension of wave A, putting the DJI between $24,500 - $25,000 which would be where wave 1 finished at the beginning of the downtrend - which is a logical area to short for our final 5th wave down.
I am not going to speculate on where I believe wave 5 will end up, but I have a handful of scenarios which I will later update as we continue to finish our wave 4.
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Just to put into perspective of where we are currently at: Since this downtrend has started after the ATH of $29.5k, we have since then completed 3 waves and we are currently on wave 4, which should be an ABC. We have finished the A wave and are currently on wave B, and I think this is a possible area of reversal as we've had a 3-3-5 correction ending at the .382 fibonacci retracement support of the A wave up. So if this is the end of wave B, then I would target a 1:0.786 - 1:1 extension of wave A, putting the DJI between $24,500 - $25,000 which would be where wave 1 finished at the beginning of the downtrend - which is a logical area to short for our final 5th wave down.
I am not going to speculate on where I believe wave 5 will end up, but I have a handful of scenarios which I will later update as we continue to finish our wave 4.
If you enjoy my content, make sure to 'like' and 'subscribe'!
Thank you.