I have changed the large ABC corrective Fib levels to orange which helps us to identify the pull back support levels for this proposed Primary Wave 2 pull back, with Wave C still showing completing on the 0.38 Fib at $51k.
What I am also watching is how the price action holds on the green Fib levels, which would suggest that that the ABC correction finished in the middle of April at $56k and this pull back now is part of the next Primary Wave 3.
If the price can hold on the 0.618 Fib at $62,446, this would be positive for the bulls.
But for now, the ABC correction is my primary view point but I like watching for all possibilities.
Raynier Benitez
2024-06-25 01:49:56 +0000 UTCpx
2024-06-24 05:11:41 +0000 UTC