Thoughts on this 4th wave playing out as a few weeks of sideways (ranging between ~30-35K) action rather than making a new local low?
Its possible this Wave-4 does meander sideways for a few weeks, but still overall expecting a revisit to the 04-JAN-2021 lows.
The corresponding Wave-2 to this Wave-4 occurred in AUG-2020, and it took 4 weekly candles to play out, and it was a shallower 20% pullback.
The rule of alternation would suggest a sharp pullback in Wave 4, yes.
Sentiment feels very "Wave B" to me (as in Wave B of a higher degree ABC sharp Wave 4). Mid-June 2017 comes to mind. Everyone seems very quick to assume we're going to new ATHs immediately. Binance and Bitmex swap funding rates are already back at 0.06%. Sentiment just feels a little bit too greedy still. A sweep below $30K would shake confidence perfectly, leaving bulls out of position, setting the stage for another parabolic leg up.
Thanks for the updates, xxxx123abcxxxx. Very informative!