Just a quick update as prices seem to be finding a bottom on both a downsloping trendline and the 233 daily moving average (yes, I have a soft spot for Fibonacci numbers).

There is some more room to the downside with $7250 at the 61.8% Fibonacci retracement level as the main target.

Weekly and daily stochastics are looking quite oversold by now.

The Renko chart added a new brick down yesterday, clarifying especially the three wave correction structure. Indicators are low, also on the Renko chart.

Now the fact that indicators are low doesn't mean prices are going to explode up immediately. We may well be moving sideways for some time as this down channel has plenty enough room to do that. We could easily be moving sideways until December even. That will then be another 3 months of boring sideways prices, after already a quarter of mostly sideways drivel from the end of June to the end of September totalling 6 months of wave 2 correction after 6 months of wave 1 uptrend. The above scenario sounds quite reasonable to me actually as we all have been a bit too bullish too soon probably. The fear and greed index is now at 24, rising from 12 yesterday.

We're approaching a bottom. I have written an at the money October put option to profit of either more sideways, sideways up, or straight up movements.