We managed to catch the target at around 6k however we must now question whether or not the correction is complete. I have reason to believe there may be another push down.
Let us examine the daily closes
On the prior day we had a shooting star which has been eclipsed by this bullish engulfing candle however there are currently 9hrs required for the candle to confirm the new uptrend. We can see that we are currently wedged between the 200 MA and the 233 EMA. Including the prior price action we are at a region of extremely strong resistance
Now let us look at the global count again and see if a bearish count exists. I am now asking myself where is the 5th wave on the rsi??
There is a possibility we have a double zigzag and the corrections done however there is a lot of good news and theres still hope. I want to see that absolutely crushed before I pack on the size with my buy orders
The 1 hr chart looks bearish and we could get a correction very soon. this is my concern since of this is completed and is a "leading diagonal" the high probability correction zone is as follows
We can see that the correction could go to sub 8k. This is incredibly terrible for the price because the following will occur
the bullish engulfing candle will become a shooting star, which is a very very decisive sell signal.
stops shold be placed for long holds bellow the swing low of 7.5 k. Why is this? I provide an incredibly bullish count
in my mind this leaves only two options we are either going to 12k very soon or we are testing that 6k support.
