The warning issued in my previous chart has come to full fruition as the bearish rising wedge pattern has been broken to the downside. The target might be lower than previously announced, i'm looking at a TakeProfit at or around 260 (to play it safe, though it might fall to 250 range).
Once the fall finalizes and touches down on the longterm falling wedge pattern (which is likely to break upwards within a couple of months tops), we will see some massive buying thus puching the price up. In fibonacci terms one should be looking for a retracement of min. 61.8%.
After this, there is a 75% probability we will break the longterm trendline descending from 1170 top, which would mark the end of the bear market and the beginning of historical (V) wave (Elliot); in normal language --> MOON.
Place your shorts, but dont forget to close them at the right moment; the rebound will come fast and hard, you wont have time to close the shorts on the way up.
Once the fall finalizes and touches down on the longterm falling wedge pattern (which is likely to break upwards within a couple of months tops), we will see some massive buying thus puching the price up. In fibonacci terms one should be looking for a retracement of min. 61.8%.
After this, there is a 75% probability we will break the longterm trendline descending from 1170 top, which would mark the end of the bear market and the beginning of historical (V) wave (Elliot); in normal language --> MOON.
Place your shorts, but dont forget to close them at the right moment; the rebound will come fast and hard, you wont have time to close the shorts on the way up.