Trend (Prior Uptrend)
Pattern (of consolidation below recent high)
Squeeze ( volatility contraction)

Usually this resolves to the upside, letting all the contracted volatility energy out.

Also, Price usually bounces off the 34 EMA in an uptrend like this.

Targets are the 1.272 / 1.618 extensions of the swings in the consolidation. This is usually where high velocity moves terminate and take a rest.


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