Price is moving sideways, which fits the first expectation for this week.
A small range day remains inside last week’s range leaving all three short-term Elliott wave counts unchanged.
Commentary and charts of Lara’s Weekly, an end of week Elliott Wave and Technical Analysis of the S&P 500 and GOLD and USOIL, for week ending 17 May 2019 is published on the Elliott Wave Gold website. You can access the analysis here.
Video of Lara’s Weekly, an end of week Elliott Wave and Technical Analysis of the S&P 500 and GOLD and USOIL, for week ending 17 May 2019 is published on the Elliott Wave Gold website. You can access the analysis here.
Both the AD line and VIX at the end of the week give the same signal. In conjunction with Lowry’s data, this indicates a more bullish scenario should be dominant.
The Elliott wave count has a new short to mid-term target.
Yesterday’s analysis expected a sideways consolidation to continue for a few sessions. Some upwards movement today changes the short-term view slightly to see a bounce continuing, but the mid-term expectation and target remains the same.
Last analysis on the 8th of April identified a clear price point at 7,234.83 to differentiate two Elliott wave counts. A new high above 7,234.83 on the 10th of May has switched the balance of probability towards another bubble forming for Bitcoin, which would still be in its relatively early stages.
The focus of this analysis will be on identifying a correction for an entry to purchase Bitcoin at a good price.
For the very short term, a small bounce or sideways consolidation was expected to continue. A slightly higher high and higher low fits this expectation perfectly.
A small range day moved price slightly higher. This fits the new short-term expectation for the Elliott wave count.