Structures dictate that a correction must happens in the near future, however I also can see strong bullish divergence on construction. Thus, I believe that for a little while the price will retrace to 0.61 Fib (red arrow), before jumping once more (blue arrow).
This could become a long correction. Time will tell...
bouwlamp
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If it does become a long correction downward, I'd aim for on or about september 9th as the low point.
thor08
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@bouwlamp, Yes, it seems to me the price is moving (in the Y axis) too fast, I think you are true, it is becoming the big correction and it may ends the first week of september, probably at 3500-3400 area. Even more, the green chanel in the graph points me out that the uncertainty of the down is becoming really huge, really huge !
bouwlamp
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@thor08, Yes. It's good to hear that we have a similar point of view.
I found further indications of this when looking at the Squeeze Momentum indicator. Here are some screenshots:
12 hour candles: 1d candles:
And also on these screenshots please notice the aquamarine EMA (10 time units) and the violet EMA (21 time units). When looking at downward corrections, the candles frequently go lower than the EMA line(s). Sometimes by a little, sometimes by a lot. Especially on the 12h chart. In the current situation this hasn't happened. It still might, though!
thor08
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@bouwlamp, Cool ! I have to take a look on these. Good luck to you !