Hey guys, it's the start of another week and I hope you all had a nice weekend. Unfortunately I didn't wake up to lots of bullish sentiment, but we're still looking pretty good short term to challenge $11,000 this week or next.
Lots to look out for in the upcoming days.
TECHNICAL ANALYSIS
What I'm seeing on the 4H chart is the start of what is called a leading 1st wave diagonal. If we follow this channel I have drawn in on my chart we should have a crack at $10k, followed by a small correction to $9,400-500ish only then to push through and try and pick up some bullish momentum.
Keep in mind my fibonacci, as we could well blast through my channel and hit a 1.618:1 extension. If this happens, I'm expecting wave 5 to be a 1:1 from wave 1, so that would bring us to $10,500 and would invalidate my current count. Not bearish by any means, but we need a ABC correction to complete the 5-3-5 wave structure (if you're confused about waves within waves, check this out - https://www.investopedia.com/articles/trading/06/fractals.asp)
TRADING
I am looking for a possible entry around the $9,400-500 range so I'm hoping we come down and fill my buys as it could be a nice little profit of around 15% if we hit 11k.
If I see obvious entries, I'll update this post, but for now, I'm being patient.
Peace.
-B
Aside from the link above, can you drop some links/knowledge on this whole approach you're taking with this analysis?
Definitely interesting to understand more.