As you can see, the bearflag is still intact. The bulls were fighting hard to not let it drop lower than 8200$. For now it is mission accomplished for the bulls.
But it could still be part of a bigger correction like this:
In case we see vertical white wave 3 with the subwaves of yellow 1-2-3-4-5, here is the opposing bull count:
I slightly favor this bullcount now... Why? Keep this in mind:
We did not see a second deathcross. If the next 2 days are bullish, we have a "golden cross", which is the opposite of a deathcross.
If you think this to be useful information:
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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
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