Price is trading lower but because this move is very slow I don't think it's bearish.
We seem to be making an Ending Diagonal but the thing with those is that wave 1 is in 3 waves, labeled ((ABC)) in black but we can also count it as an impulse, labeled in pink.
We also have a possibility of a big running triangle that ended at 3556, meaning we will see price go down to possibly 2900.
In any case, I would like to see a strong move up above 3660 for this correction to be considered as complete.
And as long as we are above 3130, the view remains bullish.
We seem to be making an Ending Diagonal but the thing with those is that wave 1 is in 3 waves, labeled ((ABC)) in black but we can also count it as an impulse, labeled in pink.
We also have a possibility of a big running triangle that ended at 3556, meaning we will see price go down to possibly 2900.
In any case, I would like to see a strong move up above 3660 for this correction to be considered as complete.
And as long as we are above 3130, the view remains bullish.
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Looks like we might see some higher prices after all Note
Price went sideways for a few days before making a nice run up.The first target, if this upside move continues will be at 4450.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.