SUMMARY
Price pierced the upper trend line and while there are bearish implications; I'd like to share the following charts as pathway potentials. From the perspective of Elliott Waves, the five waves down seem complete. But how do these fit into the higher degree of trend? In other words the bigger picture.
Before going to the bigger picture, this chart shows the miniscule blue subwaves of wave 5. That would be at around $8,917 and that's also about where the 200 day moving average resides.
This correction which started on February 20th could also count as a,b,c (red) and so compose as subwaves of blue minor wave 2. In order for this wave 2 to complete, the upper trend line would be temporarily breached. The bottom of blue wave 2 could be at around $8,917. This count would say that once this zone is hit, a sizable rise should occur. Let's see how the price activity plays out until later this evening.
This chart is another big picture scenario where the whole rise from the $5,900 low represents a corrective, countertrend bounce. IF so, it too would still be calling that wave b is nearly complete as measured by subwave counts. This count is also calling for a sizable bounce for red C. So at around $8,917; a sizable turnaround could be likely. IF this fails, the the below $6,575 and $4,800 zones could approach quickly.
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