Ultra case (20% chance)
1. We had a wave 1 of the impulse wave, for the past week, it was the wave 2 and now we will have a wave 3 breaking this raising channel and 42 000USD. As mentioned, this is unlikely to be the case.
How do we know if this is in play? If we break 38 000USD the top of this and breaking the white .
case (70% chance)
2. We had a 12345 impulse correction down already as shown on the chart. The correction is done. What the current side way action is a for ABCDE and followed by a little correction then taking off to break 42 000USD for a bull market confirmation. This chart is shown on the left where we should be going to 3 7000 – 38 000 USD in the next week.
How do we know if this is true? If we remain within this range, then we are still bullishly going up.
case (40% chance)
3. We are still in wave 5 (as shown on the right chart). We had a wave 1 complete and an ABC upwards. We are fully and coming down for the wave 3 and breaking 30 000USD.
How do we know if this is the case? If the is broken down on the daily, then we are fully again.
Please note that even if the of ABCDE is complete, this case can still be in play. Dont get fooled by the market maker when everyone goes . So making sure that you sell at the E top and then only buy back after the white is broken. Or start accumulate when the price action comes down after touching E.
The most likely case for now is the ABCDE as the bull used 2 days to shake out the weak hands and pumped the price 8 hours ago with a clear break of the on the 15 mins timeframe. I am in a short position for very short term. The medium term direction is bull until invalidation above.