So we might be in the early stages of a bubble, but if the market breaks below $7,466 then we're going to the $700s? Quite a binary situation!
I'm still watching this triangle scenario. With wave (d) possibly complete now, $5,500-$7K could be next for wave (e).
One more leg up it seems to complete you d
Been looking at it closely and I think there is at least a 30% chance it is one of the outcomes
Each of the waves (a, b, c and now d) look like 3 wave structures (a-b-c)
The coming weeks will tell us more.
Certainly possible. I'll admit bulls look resilient with the strong (if low volume) recovery off $8,100.
The internals of (d) are not totally clear to me yet. One preliminary count still puts us in a lower degree C wave. We could be in iv or v:
The danger here is a failed fifth wave, considering that iv already passed the 0.5 retracement level.
I have been speculating about a wick towards the $11K area for some time though. If the above count is correct then we could wick to (or through) $10.5K and complete the yellow scenario outlined here:
In Elliott Wave theory, triangle bounds are not formed by existing trend lines (like the one extending from $19,666). The bounds are formed by the A-C and B-D lines. Assuming the $10,074 high completed Wave D, then the aqua converging lines shown here are now the basis for our triangle:
