The bearish parallel channel captures the main market movement since the All Time High. The descending Elliot Wave is my prediction on the price action. There are three projected movements till the end of the predicted trend:
After this bearish trend completes, I would expect the price to stay neutral or slightly bullish for a while before the market starts to kick in again.
This is my first technical analysis attempt. If you have any ideas on how I can improve this, please give your feedback. Additionally, any tips on how to apply Fibonacci Retracements or technical indicators related to timing the market would be greatly appreciated. Happy trading :)
- The current market movement is expected to continue until it hits the bottom of the channel at $400, forming the bearish B to C segment.
- Bouncing off this point, it will hit resistance at $570 (point D). This line is projected from the double bottom that occurred between December 21 and 24.
- Finally, it will settle at $300 (point E), which was the long term stable price before November 2017.
After this bearish trend completes, I would expect the price to stay neutral or slightly bullish for a while before the market starts to kick in again.
This is my first technical analysis attempt. If you have any ideas on how I can improve this, please give your feedback. Additionally, any tips on how to apply Fibonacci Retracements or technical indicators related to timing the market would be greatly appreciated. Happy trading :)