INITIAL THOUGHTS:
The outlined potential H&S is JUST a potential, still needs a lot more confirmation to suggest this entire pattern playing out. However, due to its meteoric rise, and extended 5th wave nature - this correction will likely be much longer and drawn out then ending now.
WE need more action in price in order to confirm or eliminate this potential pathway. But as mentioned above the extended 5th wave tends to have deep corrections re-tracing all the way down to previous wave 4 support...so if this price doesn't hold, it can even retrace down to wave 2.
The outlined potential H&S is JUST a potential, still needs a lot more confirmation to suggest this entire pattern playing out. However, due to its meteoric rise, and extended 5th wave nature - this correction will likely be much longer and drawn out then ending now.
WE need more action in price in order to confirm or eliminate this potential pathway. But as mentioned above the extended 5th wave tends to have deep corrections re-tracing all the way down to previous wave 4 support...so if this price doesn't hold, it can even retrace down to wave 2.
Comment:
BULLISH SHORT TERM BOUNCE. STILL CORRECTIVE THOUGH.
