This also coincides perfectly with my long-term and . So if this zone does end up failing it could be extremely violent to the upside, but for now it looks like the market could be nearing a top very soon. There may be a small amount of uptrend left in this but if this PRZ is going to hold it shouldn't go very much higher than 22000, however, a small wick above those prices wouldn't necessarily invalidate the larger either, only a sustained move in which the PRZ itself becomes a level of support would be enough to call it invalid.
Also based on my speculative count at the moment, it looks possible that we could break down soon and trend sideways between the top and 15000 for a few years before finally breaking down and testing 9200, but this could be quickly changed with new information because it is very unconfirmed at the moment. Either way the will likely pick the highest price and from there it will be a long cycle of no growth and eventual recession/depression.
Now seems like an ideal time for an update. We are nearing the top of the harmonic PRZ so if this continues to retrace from here we could see some significant retracement. Also the above chart is the best EW count I have right now, it appears that we may be in a wave-d which is a triple combination made of two expanding triangles as the first two phases and a diametric as the final phase. That means we are still likely in part of wave-d but that we are also likely at the highest price that it will attain.
So now we have a strong Elliott wave count, multiple long-term harmonics, momentum divergences, and fundamental weakness that are all pointing to a major market top happening around this month. This leaves us with a very high probability of a top happening around these prices, so it may be a good idea to start looking into taking profit and opening some short positions now.
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