23 Apr 2021 ● 04:28 AM
First, the one-year chart that puts the overall wave count in perspective. Why I think wave 3 ended. A reverse channel of the highs and a 38.2% retracement allows for wave 4 down to complete somewhere near 42000-39000. It is both about price and time take to go lower.
In the near term wave A is still going on and we are in wave v of A and once complete a bounce back in wave B will occur that can retrace back to the wave iv high above 56000 or to 61.8% of the fall. Wave B can be swift or take time. Accordingly, eventually wave C=A can end near 43380 or lower near the lower end of the channel.