Not gonna focus too much on Elliott Wave count here since we're clearly forming a complex pattern. My guess is that we're looking to form a WXYXZ triple combo pattern.
What I focus on right now however are the trendlines formed on the log scale.
If price continues to bounce within the trendlines, then a new low to the $5,300 area can be found
Before that, we will probably see a smaller bounce. Please check next picture
Mid Term View:
For each correction wave down, we can see similarities in retracement levels.
There's been a significant bounce at the 0.786 area of each fractal.
If this pattern completes, then we could see a bounce to the 0.618 area which is around $6,800, before we continue down to the bottom trend line
Also note that I've placed the correction target at the time where the ETF decision will be made, but don't take this too seriously :)
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.
