Cycle, Primary, Intermediate and Minor wave degrees are all pointing down, it is still a sell or stay out of the market advice and nothing’s changed much since my first elliott wave outlook . The recent drop under 13$ is a confirmation of this bearish situation.
As i said, now four consecutive wave degrees show a clear NEGATIVE trend, the conservative target of 11.50$ has not yet been reached but as more and more wave degrees shown a negative trend the probability of a meltdown increases considerably, even down to the secondary target at about 10$.
For the Elliott Wave theory, this is a very long term signal since it starts with the Cycle wave degree followed by the Primary and Intermediate wave degrees. The typical wave degree for the medium-long term investor is the intermediate one, which is currently pushing the price down to 11.50$.
I’ll be a buyer when all this bearishness will evaporate after an important bottom probably under 11$ and with a confirmation from the moving average i use and the oscillator (still oversold).