Another month has passed and we have a new S2F value of 1.80. This is on the higher side of the spectrum for this time in the cycle, suggesting significantly more sideways to down price action.
The Mayer Multiple, which is a fairly simple indicator measuring the distance from the price to the 200 day moving average, thereby measuring the speed of a move, clocks in at 1.5 (1.49 to be exact). This is a reasonable value.
Elliott wave wise we are still in wave 2 trying to complete the x-wave which should finish somewhere between 11,100 and 11,400, with another wave down to come, targeting the $7500 area. Then, a monster wave 3 up should start and FOMO the whole world and their grandmother into bitcoin. The problem with this outlook is that everybody is expecting it. Usually the markets have something different prepared for us. What that will be, is impossible to know. Maybe this correction will stretch out longer and fall deeper than expected, maybe something else. For the time being, we have to go with the obvious.
