What are you talking about Johnknob? You don't know any of the measurements for a c&h...which are crude at best anyway! I posted the c&h months ago with all the fibs for the rounding (50%) and the handle (.28-.50), as well as the time line and the projected price movement which is the height of the cup added to the break out point. A cup and handle is just a correction that is more accurately depicted by EW. I only use them here to dumb things down for you guys lol... AND I was the first person to even show the c&h developing here...go ahead and look back. None of you even acknowledged it, or knew what a c&h was until some talking head posted it lol. If I recall I posted it as the handle was just forming, so price was being projected to drawdawn possibly 20k or more and that didn't fit into your perma bull fanboy sentiment. Now suddenly that the handle is possibly completed you are ready to jump onto the c&h bandwagon.
Let's get to brass tax and forget about all this hocus pocus. We are likely going to retest the highs today...2 hour chart. So let's see if this double tops or pushes through...it might be setting up to move over the weekend so etf's retail miss out on the move...or it might be setting up a huge rug pull. As I have said....this is decision height. Let me be clear so there is no confusion...and I won't post a chart so you guys don't get overwhelmed. As I have been saying for weeks, the way I see it is as follows: We break through ath's and rally up to 85k-100k. or We get a rejection and we start a double correction down to low 50's over the next 3 months.
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So this is what I'm expecting now...but this could reverse back up leading to more sideways movement...but usually there is not a lot of sideways movement between 1-2 waves. If it reverses back up and passes 2 then have to re-evaluate...could be testing the highs again.
So it might go up or it might go down or it might go sideways. You have pretty well covered all the bases. Atta Boy!! But you don't really know what it will do so you made a down payment on a car. I like that strategy, at least you get to enjoy the car for a while.
This is the process man but the same thing applies we either break out or we're heading down... Unlike you guys who are just yelling 100K lol just because you want it! But obviously this is not working out like you guys thought 2 days ago when you were calling for the moon and I was trying be the voice of caution.
Don't forget sideways, but I agree, it's either up or down once it starts to move. The trick is to play whatever move so that you put some money in your pocket. You are long BITO, you could take your profit and buy back in if it drops or give up a little profit and buy back in if it takes off. Or you could hold on and see what happens. If it heads down you have to wait and of course you'll average down.