Not the hourly, but the DAILY MACD has now crossed up with distinction! This is bullish!
If that blue line of resistance can be breached decisively, I believe my upper buy entry rungs can easily be filled.
Can this be a bull trap? Yes, it's possible. But, there is a huge difference between possible and probable. The MACD has been deeply oversold, even with the bounce from the recent $3,045 level. More importantly, the MACD was diverging making a higher low while prices made a lower low. This was the first indication I showed for the probable bullish direction early in today's update. If the bull trap occurs, you ladder your entry, because even if prices spike down to $2,800 or so, your rungs at that level will make you overjoyed to buy at lower prices. IT's TIME TO BUY!
Back during Wave III topping, Haejin was pounding the table saying that it was time to take profits. Now, Haejin is kicking the table and throwing the chairs saying: NOW is NOT the time to take SELLING actions because that time has passed.....NOW is the time to be taking BUYING actions. The time to SELL was at Wave III top which I called accurately while other Elliotticians felt another new all time high was to be had. NOW, IT's TIME TO BE BUYING!
I've labeled tentative five wave impulse bringing prices to $7,000 or higher as Wave V of (V).