EXPANDED FLAT IN PROGRESS
Price has been struggling to break resistance at the $3400 level. While most will see this price action as a regular flat and we are finishing wave b and moving onto a wave c that will move beyond the start of A, I see things a bit differently.
I believe that the fifth sub-wave of wave 3 could not travel as far as it needed to before crashing in February. Price did come close to hitting the 1.618 extension but has not hit it yet which makes me believe there is something else in the works. I believe prices will retrace to the 61.8 level at causing most to think we are heading back down before reversing for sub-wave c of the wave B zig-zag currently in progress. Only after prices reach $3786-$4039 will we see price decline in a 5 wave impulse down to a new low. It should not cross $1803 which is a critical support. By this time the MACD should come down to the zero line to confirm wave 4 has finished.
While there are opportunities for profits to be made, steady returns will be hard to come by just holding over the next few years. Things are looking pretty volatile.
I believe that the fifth sub-wave of wave 3 could not travel as far as it needed to before crashing in February. Price did come close to hitting the 1.618 extension but has not hit it yet which makes me believe there is something else in the works. I believe prices will retrace to the 61.8 level at causing most to think we are heading back down before reversing for sub-wave c of the wave B zig-zag currently in progress. Only after prices reach $3786-$4039 will we see price decline in a 5 wave impulse down to a new low. It should not cross $1803 which is a critical support. By this time the MACD should come down to the zero line to confirm wave 4 has finished.
While there are opportunities for profits to be made, steady returns will be hard to come by just holding over the next few years. Things are looking pretty volatile.
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