There's a probability that the Jan 25' high was the true 5-wave top, and not the Dec 24' top shown here, but because the price difference is barely 1%, the projections don't differ much.
I've long counted the April 25' to June 25' run as a very nice looking WXY. Almost perfect channel correction. A very bullish correction, sure, but still a correction.
And, we're forming an expanding flat from 109k region, down to 74k, then to 123k, and likely down to around 68k.
There's just too many confluences around 67-68k region.
(1) Huge volume node
(2) 1.618 fib projection
(3) 0.5 retracement from 15k to 109k run (2022-2025 run)
(4) Fib fan 0.618 to 0.66 (golden zone)
(5) Value area high of the 15k to 109k run
It's 7/25/25 as of posting this. Locally, in a 15min time-frame, I don't actually see this coming down right away. It's likely to spend few more weeks up here before it starts to make its movement.
I've long counted the April 25' to June 25' run as a very nice looking WXY. Almost perfect channel correction. A very bullish correction, sure, but still a correction.
And, we're forming an expanding flat from 109k region, down to 74k, then to 123k, and likely down to around 68k.
There's just too many confluences around 67-68k region.
(1) Huge volume node
(2) 1.618 fib projection
(3) 0.5 retracement from 15k to 109k run (2022-2025 run)
(4) Fib fan 0.618 to 0.66 (golden zone)
(5) Value area high of the 15k to 109k run
It's 7/25/25 as of posting this. Locally, in a 15min time-frame, I don't actually see this coming down right away. It's likely to spend few more weeks up here before it starts to make its movement.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.