Ok, so in my long-term prediction I discussed the possibility of a falling wedge reversal pattern forming which I now believe is the most likely scenario at play. As you can see we are now expected to go up to around 6400 before retracing again. All these shorters are likely to get rekt very soon! Some shorters probably think we are printing a bear flag , however I think this is unlikely and I have drawn three possible scenarios:
- The green arrows launch us out of the bullish falling wedge after bouncing off the green support zone at around 5780.
- The orange arrows plays out a bit longer and takes us deeper into the green support zone at around 5580ish.
- Whereas the red arrows plays out even longer and takes us all the way to the bottom of the support zone at around 5400ish.
Regardless of which scenario plays out; we are still ultimately going lower, it’s just a matter of when!
Although our ideal paths are the green or orange arrows, at this point in time I am more biased towards the orange or red arrows; as these days we seem to play patterns out right to the apex rather than exiting at our optimal points. I still believe it won't be until October/November when we finally break out of the long term downtrend line (black). Once this happens we will go up before retracing to retest the same level as break out as support and then start the bull run. So yeah, I still feel that December seems right for the start of the actual bull run.