A lot of people are anticipating a retest of the ATH which is why we could very well reverse trend and see the massive correction we've been anticipating without going above our current yearly high of 19.5k we can see on the chart that this level still allows us to complete a very valid looking cup. I'm thinking the lowest point of the handle could potentially drop far enough to fill the cme futures gap all the way down at 9.7k but I will start to ladder in long positions well before that probably once we've corrected over 35%. Most bull market corrections are no greater than 30-42% but with as parabolic a run up as we just had the probability favors potentially correcting as much as 50 or even 60%....I will be laddering in well before that on my longs though so that way I don't miss the opportunity if it rebounds much sooner than that. I don't anticipate the handle lasting more than 3-4 months so I expect a petty fast plummet to find our bottom rebound support. For now this is all hypothetical we still very well may see one more rebound to retest the ath before the big correction in which case I'm thinking December 15th would be a good day for that to occur...but the good news is we don't have to retest to complete this c&h pattern. Once we break the Cup and Handle the breakout target is $36,000! I'm guessing we will have an extremely bullish Q2 in 2021.
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.
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.