May 14 : Updating aka Cpt Obvious. Short-term bullish trend. Breaking this trend down will likely send price back to 5500 support. In other side if price following this trend break up long term descending trend line, we will likely see new ATH.
Thanks for the update. My trend line is actually closer to $11,300 but I'm not sure it matters. What I'm primarily concerned about is the yearly pivot at $10.5K. If the market breaks that to the upside it should be meaningful.
I agree with him, this is a potentially huge inflection point. If bears maintain the yearly downtrend, then this triangle idea remains intact. Typical Wave (e) target is $5,700.
This is a tense situation. The price action looks bullish, the OBV looks bearish, the stock market is weak. We probably have a very interesting week ahead of us.
Yes, 10500 is one of the most important levels from a number of points of view (many previous post about this). I only look at simple volume/work areas, and not wave analysis.
A break of 10.5k might take a lot of work, but would be a great milestone if it happens.
On the bear side, the run-up from 3800 could accommodate a retrace to 6400, which is another busy area. ..Interesting that you have 5700 as target for completion of a downwave. I would have thought that getting as far as that was signalling a downtrend resumption.