3 scenarios: 2 bull 1 bear.
1. Bullish upper trend-line break from first wave leading diagonal (T1 equal to or greater than $106 and T2 ~$139),
2. ABC correction (blue) following extended correction - we are currently in wave B triangle (T1 $106 for 1:1 wave A),
3. Downward breakout for additional corrective retrace.
At this stage scenario 2 looks the more likely.
Before getting too far ahead; look for a lower trend-line bounce first.
This is a 100% technical analysis and no element of fundamental analysis was considered. I am not a professional trader and my analysis if shared simply to further my own education.
1. Bullish upper trend-line break from first wave leading diagonal (T1 equal to or greater than $106 and T2 ~$139),
2. ABC correction (blue) following extended correction - we are currently in wave B triangle (T1 $106 for 1:1 wave A),
3. Downward breakout for additional corrective retrace.
At this stage scenario 2 looks the more likely.
Before getting too far ahead; look for a lower trend-line bounce first.
This is a 100% technical analysis and no element of fundamental analysis was considered. I am not a professional trader and my analysis if shared simply to further my own education.
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It's always nice when things unfold as you expect