It’s been a while since I leaned on Elliott Wave Theory (EWT) but the current price structure makes it hard to ignore. I will provide both cases: Bullish and Bearish paths for what we can expect and key levels to watch to see which is playing out. The TLDR is that both cases agree on a relief rally happening very soon, but in reality the Bearish case is more likely to play out if levels are respected. I’ll start off with the hopium path.

Bullish or “Hopium” Path

Best case, this is still a standard ABC corrective pullback. I have to be honest though, this scenario is getting harder to justify with each passing day.

The number of factors stacki