If we are due for a retracement, if Elliot wave tells me anything its now.
1. waves 1 and 5 are equal in length
2. wave 3 is our longest wave.
add in with the combination of other indicators we can see it into an overbought zone
NVT tells us we are overbought
the market is bullish everywhere (usually the time the rug is pulled out.)
Not sure if my understanding is correct but bitmex funding fees are well in favour of shorts. Given it the little push it needs to get going
for a parabolic move like this its only healthy to see retracement, and with it charging through resistances like butter...
1. waves 1 and 5 are equal in length
2. wave 3 is our longest wave.
add in with the combination of other indicators we can see it into an overbought zone
NVT tells us we are overbought
the market is bullish everywhere (usually the time the rug is pulled out.)
Not sure if my understanding is correct but bitmex funding fees are well in favour of shorts. Given it the little push it needs to get going
for a parabolic move like this its only healthy to see retracement, and with it charging through resistances like butter...
If the Elliot wave completes we will see a continuation. If not how much lower can we go? new lows? low 4ks?