After multiple rejections at higher price levels, the most recent major rejection—followed by a break of the lows—suggests that the corrective move we’ve seen since the end of February may have concluded.
In this video, I outline the key reasons why a larger upside move no longer appears likely.
With the potential end of the corrective wave combinations now in sight, I’m shifting to a bearish outlook, targeting a potential move down to $61K. To validate this view, we need to see a break below $81,222, confirming the start of a deeper breakdown.
As it stands, I can no longer support a short-term bullish scenario unless we see a strong break above $84,715. However, given the recent sharp move to the downside, this seems unlikely and may, in fact, mark the beginning of a larger downward trend.