Today I have two bear charts.
Simply put, there isn't really a bullish count from an EW perspective without forcing it. The rise off the $339 low has no impulsive properties, and the following consolidation has been too long for a corrective wave to that rise if it were a bullish impulse. One is bearish short to mid term. The other is a little bearish short term with a bullish midterm before turning back bearish for a final impulse lower.
Bearish short-mid term
I have been waiting on a rise to $450 or so for the last two days. It hasn't come yet, but we may see it in the next hours to a day.
If this is the count, expect a test of $400 in the coming weeks to complete 3 of III down.
Bear-Bull-Bear chart
As with the first count, $450 or so looks to be in the near term, but with this count, a C to complete a large (B) once the triangle completes before heading up in the large (C) from a chart I posted in the last week or two with a target of $500+.
Targets for the C of (B) would be as follows;
- A triangle thrust target of something around $400
- 61.8%-100% the length of (A) around $380-331 respectively
Should the (B) make a new low, then expect the lower end of the (C) target mentioned previously. Likely <$550.
I'd like to see something new from CryptoWaves to see his view of the situation.
