SUMMARY
The short term looks to be developing so that the B wave (blue) is in progress. B waves always have three subwaves (red abc). The blue C wave is what might cause some fear as it could bring the price down to $7,800 or so. However, there is a scenario for the price to dip even lower than where it is which means blue wave A is not done yet.
Still, the longer term shows that the abc (red) or the handle portion of the Cup & Handle pattern is still in development. It seems that red wave A is complete and B should provide a bounce. The $7,800 level seems to be the target for the correction and this jives well with pattern and Elliott Waves.
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