June 9th Elliot Overview

9 มิ.ย. 2020

Taking a step back and re-assessing the Elliot model I presented a few weeks ago. Looks like the 3 wave corrective pattern has officially been completed and the 4th corrective wave of the greater Elliot wave cycle - confirmed by the recent pump + dump we experienced. Although ideally the C wave would have been placed lower - this is crypto and anything can happen. However, moving one it looks like we have begun the 5th wave of the greater Elliot cycle. Currently looking to complete the 2nd wave (corrective) which technically could be completed if wicks are taken into account (and looking at the smaller timeframes). Nonetheless, this Elliot perspective presents a bullish bias. With the fully realized target of the 5th wave sitting around 12300. However, the 10k - 10.5k region will be critical in confirming bullish control as this region seems to be a strong bearish zone. Please take a look at the other perspectives I have also presented to gain a more holistic understanding.