Real nice double bottom here on ALGO if it holds up. The confirmation of a breakout would be above the 50% retracement and extend to the 2.0 (100% measured move). This would the type of wave structure youd see in the butterfly, with close to a .786 retracement on B, and an XD extension of 1.27-1.618. I used CD to target the 2.0 extension of the measured move but i would be taking profits on the way up at key levels. If we can hold this level here, i would stop out an look for a new entry.
Comment:
Worth noting, a 1.618 extension on CD would be about 1.17, i mention this because it would give you an XD at a 1.13 (Shark), and the 1.14-1.17 level is confluent with that resistance from January 21st. The 1.13 fib level is symbolic of a failed breakout or stop hunt, and i suppose it could be a strategic area to take profit or perhaps move up stops.