SUMMARY
That momentary spike in price to $7,891 was shortly lived as it then shot back down as low as $7,081 and now sits at around $7,331. This is the kind of move that makes day traders throw bricks at their computer monitors! Don't day trade!
""The surest way to make a $1 Million by day trading is to start with $2 Million!"
-Andreas Antonopoulos
The chart below shows and updated Elliott Wave chart and the spike up could be the extended wave 5 of red wave B. Since red wave B is higher than the prior white wave iii peak, this could be an expanded flat correction. This is when wave b is higher than prior high and then wave c retraces below the start of wave a. Once the correction is complete, an impulse should take price to $8,200 or so.
Here is a didactic link expalining Elliott Wave expanded flat correction:
https://elliottwave-forecast.com/elliottwave/the-elliott-wave-expanded-flat-correction/
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial
Laddering and Buy/Sell Setups.
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: [Elliott Wave Priniciple & Technical Analysis of Stock Trends !](https://steemit.com/bitcoin/@haejin/n98sk-haejin-s-ta-book-recommendations-for-elliott-wave-and-chart-pattern-recognition are highly recommended
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**