GBTC - topped into my Red Target Box
In my last update posted on 29 May 2019 I wrote: ” you can see that GBTC is approaching the Red Target box. I have a strong confluence of extensions in the area from 12.05 to 12.70. This where wave 3 up may top. Off that top we may get a pullback to 9.74 – 9.08 in a corrective wave 4 down.” Back then GBTC traded at 11.64.
On the updated chart below you can see that GBTC spiked into the Red Target box and dropped. It topped at 12.58.
I would be waiting for a corrective a-b-c down in wave 4 down that could push down prices to 9.74 – 9.08 to go long for another rally in wave 5 up.