Quote Originally Posted by vacuum View Post
I’m thinking potentially 2 weeks or more crabbing at $57k, then a collapse down to $42k or so before continuing on to make new highs.

It did this in 2017. First three Elliot peaks were May 11, May 25, and June 12. That took 32 days.

Then it started slowly going down for another 32days, before finally collapsing down to the peak of the first Elliot wave.

Same structure here, we have three Elliot peaks, but this time it took 64 days between first and third peak. We’ve been crabbing for 26 days since the peak. So it could keep going for a while potentially, but it has been nearly a month. But the problem is that everyone is exhausted and don’t feel like buying. The longer it crabs, the more deleveraging will occur which push the price down and deleverage others. Once all this is worked out and also taxes have been paid for the May tax date, and once summer inflation starts to cause the fed to control yields, it will start rocketing again.

That said, this is just a guess. I thought it was going to break out last week.
Wow, how can I be totally wrong every time