The recovery from $3122 to $13 880 can be seen as a classic five-wave. It was followed by a simple A-B-C
The recovery from $3850 must be the start of wave 1, meaning targets near $15 000 are possible from here.
Once there, however, the bulls should be very careful as a bearish reversal for the beginning of wave C (market is in the larger A-B-C correction) towards $1000 or lower can be expected.
The dip to $8830 is shallow, but big enough to be marked as wave 2. If this count is correct, higher levels in wave 3 towards $15,000 can be expected from now on.
However, one should also be careful about the fact that wave 2 can evolve into a deeper retracement before the bulls return.
The recovery from $3850 must be the start of wave 1, meaning targets near $15 000 are possible from here.
Once there, however, the bulls should be very careful as a bearish reversal for the beginning of wave C (market is in the larger A-B-C correction) towards $1000 or lower can be expected.
The dip to $8830 is shallow, but big enough to be marked as wave 2. If this count is correct, higher levels in wave 3 towards $15,000 can be expected from now on.
However, one should also be careful about the fact that wave 2 can evolve into a deeper retracement before the bulls return.