In this TA I presuppose a medium-term ABC correction that has its beginning in the ATH.
If the October low of 22 was wave (A), then since then wave (B) has been running, which should end in the last days of March.
For the top of the wave (B) I see the area between 34734 and 35160.8 where I have drawn the blue path for 34792.77 and the green path for 35160.80.
I calculated 34734.43 as a suitable mathematical annual high for 2023.
33146.26 is serving as stable support for the first quarter which, once broken and exited to the downside, will provide strong confirmation that wave (B) is complete and that prices will continue falling.
The dashed red path shows another potential development showing the bulls' defenses, but they should lose their fight by the end of June at the latest.
If the October low of 22 was wave (A), then since then wave (B) has been running, which should end in the last days of March.
For the top of the wave (B) I see the area between 34734 and 35160.8 where I have drawn the blue path for 34792.77 and the green path for 35160.80.
I calculated 34734.43 as a suitable mathematical annual high for 2023.
33146.26 is serving as stable support for the first quarter which, once broken and exited to the downside, will provide strong confirmation that wave (B) is complete and that prices will continue falling.
The dashed red path shows another potential development showing the bulls' defenses, but they should lose their fight by the end of June at the latest.