So we know that the obvious bear flag broke down and we should expect sub 7000 prices.
This seems to be true, because if we draw the Elliott waves after the bear flag's ABC, we see that wave 3, that just finished, hit the 1.618 fib extension level of wave 1-2. I expect a retracement to around 8500-8600 for wave 4, then the last leg, wave 5 will probably hit 6600, which is 2.618.
Note that the 1:1 fib extension of the whole ABC structure (shown on the left side) gives EXACTLY the same target.
I'm not a professional, but it seems logical.
This seems to be true, because if we draw the Elliott waves after the bear flag's ABC, we see that wave 3, that just finished, hit the 1.618 fib extension level of wave 1-2. I expect a retracement to around 8500-8600 for wave 4, then the last leg, wave 5 will probably hit 6600, which is 2.618.
Note that the 1:1 fib extension of the whole ABC structure (shown on the left side) gives EXACTLY the same target.
I'm not a professional, but it seems logical.
