The Elliott wave scenario posted last week had developed as intended: the price has hit the supply zone at the levels of $4,591 - $,4,690, established the top for the wave B and then dropped down towards the technical support at the level of $3,992.
The current Elliott wave count indicates a possible termination of the wave C at the weekly pivot support at the level of $3, 920 which means the completion of a corrective structure of a higher degree. Nevertheless, a lack of an impulsive rebound would indicate a possible extension of the slide towards the next important technical support at the level of $3,600.
The current Elliott wave count indicates a possible termination of the wave C at the weekly pivot support at the level of $3, 920 which means the completion of a corrective structure of a higher degree. Nevertheless, a lack of an impulsive rebound would indicate a possible extension of the slide towards the next important technical support at the level of $3,600.