If we have indeed hit bottom, and that's a big IF, we could be in the ABC correction phase. From C I'd expect a bullish wave 1 if this scenario holds true. What do you guys think? I welcome your thoughts, comments and criticism.
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We need to see a breakout above the decending triangle's resistance line to confirm we completed wave 5 and are on the ABC correction. If it doesn't breakout above the resistance line (around the 10K level) we could be in for a lower low around $7,500. Breaking strongly above 10K is going to be the real test. Id' like to see it above $10,200 before I'm satisfied we're on an up tread.