Previously, I identified a bullish Inverse H&S Pattern, which targeted the $2200 area. It worked out to our benefit:
The upward momentum continued with price breaking out of the pitchfork boundaries. The short-term trend has turned neutral from negative. I've changed the wave labels from A-B-C to W-X-Y correction, which is more accurate and, more important, suggests higher prices ahead. From a classical charting point of view, there is a potential for H&S Top pattern to form. For this, price should go up to $2760 level. Either way, bullish setiment is expected set in. That being said, I wouldn't be surprised to see a pullback below $2200 as a natural correction after the sharp rise of the last couple of days. Key price levels are drawn on the chart.
Comment:
Price hit the $2760 target. New ATH is due.
