We have what seems to be a completed Elliot Wave Cycle.
With 5-3 completed and C of (ABC) correction completing on the .618 fibonacci retracement level of elliott waves 1 ---> 5, we could be seeing wave 3 of a new Elliot Wave Cycle.
Additional Cases For Long:
- inverse h&S formation - RSI > 50 - Clean break of support turned resistance line
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Wave 2 bounced off the 50% Fib level. Fib extension of wave 1-2 suggests a possible end of wave 3 meeting the 100% level. Looking for a pullback to previous R/S line.
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Could also see a wave 5 truncation. I consider this play complete as a result.