Bitcoin Update: BULLISH breakout but BRACE yourself for a BITCOIN CRASH!

Summary

In this video, Nick from Chy Crypto discusses Bitcoin's current price action and future predictions. He analyzes the potential for a breakout based on the 50-day simple moving average, targeting a profit range indicated by a yellow box on the chart. Nick also references Elliot Wave Theory to predict a three-wave move upwards, with a target range of $69,700 to $72,200. Despite the overbought daily momentum indicator, he suggests there's more room for an upside before a probable reversal. He also considers the impact of external factors like the Federal Reserve's decisions on market volatility. The video concludes with a cautious outlook, suggesting a potential correction to the downside, aligning with smart money concepts and Elliot Wave Theory.

Takeaways

• 😀 Nick, from chy crypto, discusses Bitcoin's current price action and future predictions.
• 📈 The video focuses on a potential breakout or breakdown in Bitcoin's price, using moving averages as technical indicators.
• 💡 Nick suggests a good entry point and a tight stop loss under the 50 Simple Moving Average (SMA) for a favorable risk-reward ratio.
• 📊 The daily time frame shows Bitcoin in a profit with a risk-reward ratio of about 3.52, indicating a positive outlook.
• 📚 Elliot Wave Theory is used to analyze the three-wave pattern, suggesting a potential upside movement.
• 🚀 The breakout above the 50-day SMA and EMA indicates a bullish trend, with a target range of $69,700 to $72,200.
• 📉 Despite being overbought on the daily momentum indicator, the market could still experience an upside before a reversal.
• 💹 The Relative Strength Index (RSI) is above 50, suggesting a macro bullish trend but also potential volatility due to market makers.
• 🌐 External factors like the Federal Reserve's actions and the US Dollar Index (DXY) can influence Bitcoin's price significantly.
• 📝 Smart Money Concepts and volume profile analysis suggest filling fair value gaps, hinting at a possible price correction to the downside.
• 🔮 The video concludes with the anticipation of a correction to the downside, aligning with the 200-day exponential moving average and fair value gaps.

Q & A

What is the main topic of discussion in the video by chy crypto?

The main topic of discussion in the video is the current state and future price action of Bitcoin.

What is the significance of the 50 Simple Moving Average (SMA) and 50 Exponential Moving Average (EMA) in the video?

The 50 SMA and EMA are significant technical indicators used to identify potential entry points for trades and to set stop losses in the Bitcoin market.

What is the target range indicated by the speaker for Bitcoin's price movement?

The target range indicated for Bitcoin's price movement is between $69,700 and $72,200.

What is the profit-risk ratio mentioned in the video for the current Bitcoin trade?

The profit-risk ratio mentioned for the current Bitcoin trade is approximately 3.52.

How does the speaker approach Elliot Wave Theory in the context of Bitcoin's price action?

The speaker uses Elliot Wave Theory to analyze Bitcoin's price action, specifically looking for a three-wave pattern to predict future movements, while acknowledging that the accuracy of the theory depends on the analyst's ability to correctly apply it.

What is the speaker's view on the current momentum indicator for Bitcoin?

The speaker notes that the momentum indicator is heavily overbought on the daily time frame, suggesting a higher probability of a market reversal.

What is the role of the Relative Strength Index (RSI) in the speaker's analysis?

The RSI is used to assess the overall bullish or bearish momentum on a macro scale. However, the speaker mentions it's less useful for predicting price action in the current continuation pattern.

What is the significance of the 200-day Exponential Moving Average (EMA) in the speaker's analysis?

The 200-day EMA is considered a key support level and a trend filter in the speaker's analysis, suggesting that it is an important area to watch for potential price reversals.

What does the speaker suggest about the potential future price action of Bitcoin based on Smart Money Concepts?

The speaker suggests that based on Smart Money Concepts, there is a high probability of Bitcoin's price filling out fair value gaps, which aligns with the idea of a three-wave corrective pattern to the downside.

What is the speaker's strategy for trading Bitcoin based on the current analysis?

The speaker's strategy involves either going long if there is a clean breakout to new all-time highs or shorting the market if there is rejection at the trend line and the expected price range of $69,000 to $72,000.

Outlines

00:00

📈 Bitcoin Price Action and Elliott Wave Theory Analysis

In this segment, Nick from chy crypto discusses the current state of Bitcoin, focusing on price action and potential future trends. He emphasizes the importance of the 50-day simple moving average (SMA) and the 50-day exponential moving average (EMA) as key indicators for trading breakouts or breakdowns. Nick outlines a trading strategy with a target range indicated by a yellow box on the chart and a risk-reward ratio of 3.52. He also touches on the concept of a relief rally and the application of Elliott Wave Theory, noting that while the theory can be accurate, its success depends on correct application and分析师 (analyst) interpretation. The video suggests that Bitcoin has met minimum expectations based on a three-wave move and is approaching a downward trend line, aligning with a targeted price range of $69,700 to $72,200.

05:00

🚦 Potential Market Reversal and Continuation Patterns

Nick continues by discussing the possibility of a market reversal, as indicated by the stochastic RSI being in an overbought condition. He references Elliott Wave Theory's suggestion of more upside progression before a reversal. However, he also notes the likelihood of increased volatility and the role of market makers in extracting liquidity during continuation patterns. The discussion includes the importance of the 200-day exponential moving average as a trend filter and potential support level. Nick also considers the impact of external factors, such as actions by the US Federal Reserve, on market volatility. He concludes by stating that while the macro outlook remains bullish, traders should be prepared for potential short-term corrections and volatility.

10:02

📊 Analyzing Volume Profiles and Market Liquidity

In this part, Nick examines volume profiles and liquidity in the Bitcoin market. He notes the presence of significant liquidity at lower price ranges, which could be a concern for market stability. He discusses how market makers might capitalize on areas with high liquidity and the potential for extreme volatility due to external economic factors. Nick also highlights the importance of being mindful of fair value gaps and the alignment of smart money concepts with Elliott Wave Theory in anticipating a correction to the downside. He emphasizes the high probability, though not a guarantee, of filling out these gaps and the importance of considering real-world economic indicators when trading.

15:03

🔍 Weekly Time Frame Analysis and Market Sentiment

Nick shifts the analysis to the weekly time frame, noting that Bitcoin is trading above the Gann Channel, which is a positive sign. He points out that the market has not tested the support levels of the 50-week exponential moving average and the 50-week simple moving average since October 2023. The video suggests that any downside move will likely coincide with these support levels. He also discusses the lack of volume in certain price ranges on the weekly chart, indicating potential areas where price action might fill out liquidity gaps. Nick concludes by inviting viewers to share their thoughts in the comments and to engage with the crypto community for further insights.

Keywords

💡Bitcoin

Bitcoin is a decentralized digital currency that operates without a central bank or single administrator. It was the first cryptocurrency and remains the most well-known and widely used. In the video, the speaker discusses Bitcoin's price action and future market trends, using it as the primary subject for analysis.

💡Price Action

Price action refers to the movement of an asset's price over time, reflecting the aggregate of all market participants' decisions. In the context of the video, the speaker is analyzing Bitcoin's price action to predict where the cryptocurrency might be heading, discussing factors such as support and resistance levels.

💡Simple Moving Average (SMA)

A Simple Moving Average (SMA) is a technical indicator that calculates the average price of an asset over a certain number of periods. In the video, the speaker mentions the 50-day SMA as a key level for Bitcoin's price, suggesting that a close above this average could signal a bullish trend.

💡Exponential Moving Average (EMA)

An Exponential Moving Average (EMA) is similar to a SMA but gives more weight to recent prices, making it more responsive to new data. The speaker in the video discusses both the 50-day SMA and EMA as tools for identifying potential breakouts in Bitcoin's price.

💡Risk-Reward Ratio

The risk-reward ratio is a comparison of the potential loss and potential gain of a trade. It helps traders manage risk by ensuring that the potential gain outweighs the potential loss. The video mentions a risk-reward ratio of 3.52, indicating a favorable trade setup for Bitcoin.

💡Elliot Wave Theory

Elliot Wave Theory is a technical analysis method that suggests market prices move in repetitive cycles, or 'waves'. The speaker uses this theory to analyze Bitcoin's price movements, suggesting a three-wave pattern that could indicate future price direction.

💡Stochastic RSI

Stochastic RSI is a momentum indicator that compares a particular closing price of a security to a range of its prices over a certain period. It is used to identify overbought or oversold conditions in the market. The video mentions the Stochastic RSI being heavily overbought, suggesting a potential reversal in Bitcoin's price.

💡Divergence Indicator

A divergence indicator is used to spot a lack of confirmation in price movements by comparing two different technical indicators. In the video, the speaker turns on a divergence indicator to assess the trend and potential reversals in Bitcoin's price action.

💡Relative Strength Index (RSI)

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. It is used to identify overbought or oversold conditions. The video refers to the RSI being above the 50 level, indicating a bullish sentiment for Bitcoin.

💡Volume Profile

A volume profile is a graphical representation of trading volume at different price levels. It helps traders understand where most of the trading activity is occurring. The speaker in the video discusses the volume profile to highlight areas of high liquidity and potential price reversal zones for Bitcoin.

💡Smart Money Concepts

Smart Money Concepts refer to strategies and analysis techniques used by experienced or professional traders to gain an edge in the market. In the video, the speaker uses this concept to discuss the potential for Bitcoin's price to fill in 'fair value gaps' and to predict future price movements.

💡Gannian Channel

The Gannian Channel is a technical analysis tool that consists of a set of parallel lines that traders use to identify potential support and resistance levels. The video mentions the Gannian Channel turning red, indicating a potential area for value accumulation and dollar-cost averaging for Bitcoin.

💡DXY

The DXY, or U.S. Dollar Index, is a measure of the value of the United States dollar relative to a basket of foreign currencies. It can influence the price of assets like Bitcoin, as changes in the value of the dollar can affect demand for cryptocurrencies. The speaker mentions the potential impact of the DXY on Bitcoin's price due to macroeconomic factors.

Highlights

Discussion on Bitcoin's price action and future trends.

Use of technical analysis with 50-day simple moving average (SMA) for potential breakouts.

Profit-risk ratio of 3.52 for Bitcoin trades, indicating a favorable position.

Relief rally and three-wave pattern analysis using Elliot Wave Theory.

Importance of correctly applying Elliot Wave Theory to avoid high failure rates.

Target range for Bitcoin set between $69,700 to $72,200 based on analysis.

Momentum indicator showing Bitcoin as overbought on the daily time frame.

Expectation of a reversal in the market due to overbought conditions.

Analysis of stochastic RSI and its implications for potential market movements.

Relative Strength Index (RSI) indicating a bullish macro trend despite current volatility.

Potential for market makers to extract liquidity during continuation patterns.

Analysis of volume profiles and their impact on Bitcoin's price stability.

Smart Money Concepts suggesting a correction to the downside to fill fair value gaps.

Importance of the 200-day exponential moving average as a trend filter and support level.

Potential impact of external factors like the FED and CPI data on Bitcoin's price.

Identification of fair value gaps on the weekly time frame that may be filled.

Garian Channel analysis indicating a good buying opportunity for Bitcoin.

Weekly time frame analysis suggesting a possible correction coinciding with moving average tests.

Transcripts

good morning you cheeky Bunch today we

are discussing what's going on with

Bitcoin discussing the price action and

where I think things are heading let's

see if we can smash up that like button

up towards 500 likes guys really do

appreciate that if you are new to the

channel welcome this is chy crypto my

name is Nick and we are discussing a

Bitcoin subscribe if you want to stay up

to date with more content from the

channel let's jump right down into

today's video BTC paired up with usdt

we're on the one day binance chart and

things are progressing quite nicely so

following on from the previous videos we

had that idea um for a breakout right so

we're talking about if we were to get a

Clos position above our um 50

exponential moving average 50 uh simple

moving average so the simple moving

average being the yellow line here what

we do is we'd be looking for a good

entry a tight stop loss underneath the

50 simple moving average and we're

targeting out that slightly higher range

as indicated in the yellow box this is

looking pretty healthy right now right

so we can see here we're in good profit

the risk reward ratio is about 3.52 and

it's looking pretty good on the daily

time frame right um so all looking good

from that kind of idea that we're

talking about how we like to trade

breakouts or breakdowns uh there's two

different ways that we could have looked

at this the exponential moving average

breakout uh which is the blue line down

here with a tight stop loss underneath

and again still targeting out that

higher range would have been a greater

risk World ratio but you wouldn't have

had confirmation it would have been

5.63 and of course we had the one for

the simple moving average the one that I

probably would have taken here so

knowing this and knowing our Target is

still 69,7 to

72,2 uh we're in a pretty good spot

right there's still some potential for a

bit of a move to the upside now this is

a relief rally that we've been

discussing for a while it's a three-wave

pattern uh Elliot W theory of course is

very accurate if you do it correctly if

you do not draw it correctly uh on a

highly liquid market like Bitcoin then

unfortunately it does have a tendency to

fail its failure rates are not due to

its um properties as an analytical uh at

all its failure rate is due to the

analyst right so you're never going to

get it right 100% of the time and

because you can obviously see lots of

different patterns and potential

patterns inside the candlesticks and

obviously there's lots of rules to kind

of think about when it comes to Elway

Theory I I'm looking at this as a

three-wave move to the upside and so far

it's playing out incredibly well as per

the rules of Elliot way Theory as I've

said many times before Elway theory is

absolute it always fits you can try back

testing it and it has a 100% fit rate

because it is designed to do that and

you have to identify the correct pattern

for what is happening in the future

right that's the difficulty and that's

why so many people draw it incorrectly

they allow for their bias to come in and

they don't actually allow for the rules

of absolute to actually filter through

okay so knowing the Elliot way theory is

looking pretty good we obviously had the

breakouts of the 50 uh daily SMA the 50

uh exponential moving average the EMA

here everything's kind of looking quite

nice to head up towards our downward

trend line which is this upper area we

hit this area on the 14th of March and

on the 8th of April and I think we're

going to come right in line with our

targeted range here on this trend line

so 69,7 to

72,2 200 or

72167 to be more exact now with this

move to the upside it's worth noting our

minimum expectations have already been

met we don't have to go up higher um but

that is the area that Elliot way Theory

tells us is the most likely okay so we

have already br broken the previous

swing High over here on the 6th of May

okay so by going higher than this area

we have already met the minimum

expectations and have already kind of

met those minimum expectations of a

three wve move right it can just fall

short of its expected and typical range

which is up here between that 69 and

$72,000 right so that's kind of where I

think things are heading now taking a

look at the momentum indicator we're

already heavily overbought on The Daily

time frame but we can still be here for

a little bit longer we don't have to

remove uh move all the way down to

oversold just because we're up here um

but we are of course reaching those

upper areas at the moment we are of

course up there at

99.32 100 of course is Max um and uh

yeah we will see reversals here now we

can be up here for quite some time I

mean for example in this particular case

over here it's the 9th of February we

didn't see major movements until the

17th of February right and that was on

this move to this higher side if we take

a look at where actual moves up here we

could see that this is actually the 29th

of January through until the 16th of

February right we started this move on

the 14th of May it's currently the 19th

of May so we're a little bit way through

it right obviously at the same time we

can come straight way back down right we

can be up here and then all of a sudden

just drop all the way down this is

because the stochastic RSI does not give

you an indication to price movement it's

only showing you whether or not there is

momentum behind the price action and at

the moment with momentum indicator being

overbought the way that it is it shows

us that there's the potential now a

higher probability that the market is

going to reverse right it's likely to

move down now Elway Theory tells us that

we have a little bit more progression to

the upside and I think that's really

where we are likely to see this thing go

a little bit further to the upside

before we get that reversal to the

downside but we are looking for a

reversal okay

nonetheless now if we come back into our

stochastic RS turn them off and turn on

the Divergence indicator this yellow

line is the relative Index right and

this is good for Trend unfortunately

we're not in a trend at the moment we're

in a continuation pattern so the

relative strength index isn't going to

give you a huge amount of advantage in

trying to predict where the price action

is going but it is above the 50 level so

again on a macro scale we are still

bullish and I agree with that but we are

still in that continuation pattern

meaning that we are likely still to see

more volatility with market makers

basically extracting a lot of liquidity

out of the market I don't think we're

done just yet as much as I would love us

to just kind of go up into new alltime

highs and be done with all of these

moves to the downside I suspect the

market makers have other things planned

and so we should be very mindful that

this Market is all about extracting

liquidity during these continuation

patterns they're not ready to pump it up

after seeing such significant surges to

the upside at the moment and there's

huge opportunity in all of that of

course now if we go ahead and

um back into our price chart here on our

uh daily time frame you can see that my

expectation is to test that lower trend

TR line that lower trend line will be in

line with our 200 day exponential moving

average which is currently sat at

53,8 36 and I know some people will

disagree with me thinking that that's

just not likely to happen um but I do

see this as a three-wave corrective

pattern taking us down towards our 200

day exponential moving average and this

continuation pattern this bullish flag

however you want to look at it will then

actually continue to set the lower highs

and the lower lows before we get that

break to the upside the importance of

the 200 day exponential moving average

cannot be ignored now it's possible that

we can ignore it for a little bit longer

when we did over here for example in

January of 2024 but for the most part

this is an area that's usually a very

key for finding support right you might

come down briefly then rally up from it

right the 200 day exponential moving

average is your Trend filter it's

critically important that we don't

ignore this that we do need to find

support on this level so I'm hoping that

you know we don't have to come down all

this way way but I suspect we probably

will and we have this idea of a

three-wave corrective pattern and the

reason for that is that Elliot way

Theory tells us that we're not in a

trend to the upside here um simply

because we were in a three-wave pattern

right we haven't actually got any clear

breaks above 1.618 on the Fibonacci

extension scale indicating that

unfortunately things are not what they

might seem I know a lot of retail

investors who look at a lot of other

indicators and they be saying yeah we're

bullish we're bullish we're bullish but

on our daily time frame although are

bullish on these macros we have to

expect more volatility because we

haven't seen the right structures the

right candle patterns to say that we are

likely to get that next clean break to

the upside where was my where would my

thoughts and opinions change on this

well a new alltime high would definitely

do that um not a guarantee but I think

it would set the the idea and the stage

for those 1.618 impulsive trigger points

to get hit um so that's kind of what

we're going to be looking for here we're

going to be looking for a clean break

above our trend line into new all-time

highs if we see that we'll go long we'll

tight stop loss and we'll Target out

probably towards $8 $2,000 something to

that effect to start with and probably

put a trailing stop to just follow the

price action as it moves up because we

go into price Discovery at that point

but if we do not see that then and we

actually get rejection here on our trend

line and from our expected range between

69 and 72 well the obvious thing there

to do of course is to short the market

tight stop loss above our previous swing

high for security reasons and of course

we t Target down towards that 200 day

exponential moving average right again

risk World ratio about 5.98 this means

that it doesn't really matter what the

price action does right all we're really

doing here is saying okay we're going to

break out we're going to go long and if

we get rejected we're going to short the

market right and we're going to make

money either way we don't really want to

be kind of you know just saying oh we

can only go long we're bullish we're

bullish it's clear breakout the

sentiment bullish that stuff isn't

inside the data the data is very clear

to us we do not have a clean breakout

here where we have the idea of a

structure that is impulsive and is in a

trend upwards okay but if we get a

breakout that changes and so if we have

the breakout we can go long if we don't

get the breakout then we can go short

and we can make money okay this is

important that we understand we just

want to trade against the sentiment to a

degree and we want to make sure that

we're on the right side of the argument

now market makers are great at this

because they have significant control

over the markets right not just Bitcoin

but also the altcoin market everything

moving in tandem is not a coincidence

right and so when you find the liquidity

in the market things start to make a

little bit more sense if we take a look

at our volume profiles from the vpvr now

this is obviously only taking into

consideration the candles that you see

in the chart at the

moment if I zoom out of this just a

little bit and get some more candles in

you can start to see that there isn't a

lot of volume here in relation to the

historical price movements a lot of the

volume is down here at this lower range

and this is a huge concern because

there's a lot of liquid liquidity in and

around these lower areas okay market

makers know this market makers are going

to be looking at those areas and

wondering whether or not they can H can

actually push the price down there now

I'm don't think they're going to be that

extreme but if we were to see something

crazy from the uh the US government or

more specifically the FED um then we

might see you know some extreme

volatility that does you know create

some imbalances in the say the dxy the

Dixie in relation to all assets right

because everything that's paired up

against usdt usdt of course is stable

against USD and of course if we see any

price fluctuations with the Dix or any

um any adjustments or fluctuations with

the Dixie due to say Fred interest rates

and things like all the things that we

talk about with our members down in our

Discord server then we are likely to see

extreme volatility which our market

makers will capitalize on so we need to

be aware of those things now we don't

talk about them very often in these

videos on the public side of things

simply because uh we talk about it quite

bit for our members in our amas and that

kind of stuff and as you can see down

here at $442,000 there is a lot of

liquidity to be seen so be very mindful

of where the previous volumes were uh

obviously you can take a look at the

shorts the Longs all that kind of good

data uh and see where that kind of stuff

lies as well from a smart money Concepts

point of view we're still in bullish

pattern on The Daily time frame we're

not concerned about any of those things

all of that is looking very healthy and

very good um so yeah for the most part

smart money Concepts is fine the are of

course still Pockets here of fair value

gaps that haven't been filled so we're

going to be mindful about those um you

know basically all these green areas

that you see on the chart here these are

showing you where there was a lack of

liquidity and price likes to come back

down and fill those out for example

there's a pocket right over here and if

I pull this across you can see that

price came down and filled that pocket

where there wasn't liquidity before the

market put liquidity okay and so there's

a few areas on this move to the upside

most recently where again there's

pockets of illiquidity as in the market

didn't have liquidity so the price has

to go up higher to find the sellers and

so forth right and so as we can see here

there's going to be a reversal more

likely to fill out those areas there's

also one down at this lower range

between 51 and 54,000 it's not a

coincidence that this is also where our

lower trend line is also where our 200

day exponential moving averages and also

the area of a three-wave correction that

we like in my opinion to see this means

that we fill out all the fair value gaps

that you can see here from a smart money

Concepts point of view so whether you

are a fan of Elliot way Theory whether

you think it's absolute garbage maybe

you're a fan of smart money Concepts

smart money Concepts is also aligned to

the idea that we still have this

correction to the downside we're in a

still in a bullish structure on a macro

scale none of that has changed but there

are some fair value gaps that typically

do get filled out it's not a guarantee

they have a high probability of getting

filled out though so just bear in mind

that there's nothing as a guarantee in

this space but there's a high

probability that we do see these moves

to the downside edit way Theory smart

money Concepts um are turning us even

the trend lines with the lower low lower

highs and lower lows they are all

telling us that we are likely to see

more continuation of this pattern then

of course we factor in the real world uh

what's going on with the FED over in the

US the CPI data all of these things are

going to have an impact the Dixie will

have its role to play whilst the demand

is low which it is um and once demand

comes in the Dixie has less impact on

the price action so just bear that in

mind sometimes the dxy will go one way

and Bitcoin will just simply follow it

right and that is due to a significant

demand shift okay um so all in all it's

looking pretty good on the daily time

frame and I'll turn some upart money

Concepts off here for now as well if we

throw on the Garian channel on The Daily

time frame you did turn red indicating

that this is a an area where we want to

be dollar cost averaging because value

is now there um for kind of purchasing

up but we are above the the midband um

we are not above the higher band in

terms of these simple moving averages

that you see within the Garian Channel

okay very interesting stuff roll us up

into the weekly again you can see a nice

weekly candle here um for BTC uh still

heading out towards our targeted range

of 69 to 72 before we move on down the

move to the downside will coincide in my

opinion with the 50 weekly exponential

moving average and the 50 weekly simple

moving averages right which were last

tested over here in October of 2023 and

found as support as you can kind of see

we haven't tested these supports of the

exponential moving average or simple

moving average since 2023 on the weekly

time frame the Garian channel is looking

uh pretty good as well we are heavily

above the Garian channel on the weekly

time frame this is indicating a Prett

good healthy stuff since we saw this

kind of breakout clean breakout really

in October of

2023 again all around when we found

support on the 50 exponential weekly

average

um so all in all that's looking pretty

good as well through on the vpvr you can

see that the volumes are significantly

lower there's Pockets where there's just

simply isn't any volume on this weekly

time frame and you can kind of see that

right in there between 53 and

$57,000 and that's why we see these

bigger candles in the market here smart

money Concepts will align if I throw

that on as well you can see right here

where there's a pocket where um the vpvr

is showing no volume on the weekly time

frame it also happens to be where

there's a fair value gap on smart money

Concepts again all an indication that

there is a lack of liquidity at certain

price ranges and we are likely to get

that field out and it's not a

coincidence once again that these are

the areas on the weekly time frame where

we can quite clearly see that there's a

lack of liquidity between 53,000 and

58,000 this particular area happens to

be right in line with the three-wave

corrective pattern on Elliot wave theory

right in line with the 200 day

exponential moving average everything is

kind of showing us that this is an area

where we're likely to see the price

action go now we hope that that's not

the case we hope for the breakout

because we want to be bullish on the

market but the data is quite clear to me

that we need to be very mindful that

there is a correction to the downside to

come now guys you can let me know your

thoughts and opinions in the comments

down below and if you haven't done so

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