Ellaborating on a comment I made in a recent reply, I want to make sure that everyone understands the difference between Support and Resistance (S/R), vs. a target.
S/R are boundaries beyond which price is not likely to go if a count is valid. That doesn't not mean price should go to that box.
Target is a forward projection. So, to take the current chart attached. The box is resistance, based on the move down and not a target. If we hold the A/B waves and push in C, I will have a more finite target for C. But that fact that it is a target means price SHOULD go there. If a market is really weak it will dodge resistance, and likewise of support if very bullish. I've heard a few saying they are going to hold out for those higher 'targets' in GBTC to liquidate. But I have not called them targets. To call a region a target, I need some form of starting wave, an impulse or A wave.
I hope this nuance is clear. I liquidated because I don't want to squeeze 40 cents out and risk a dollar or more. That is upside down, especially since i sold half near last week's top.
I do my best to be specific language wise in this regard.