- Could that be another forming there?
- Notice that wave (D) is currently fighting the diagonal resistance line I've drawn out. Will it break upward and run or will it retrace back to the diagonal support line? Only time will tell.
- Blue convergence line is still above red baseline which is a fairly sign.
- Still trading above the kumo cloud which is a sign. A strong test of the top of the cloud (Senkou Span A) can be seen (Wave C). Notice the strength of that bounce tho!
- In a , the bottom of the cloud (Senkou Span B) will reveal a flat bottom kumo. Notice that it has done that twice now. Will we see a third?
- One thing to point out is that when the kumo cloud is thick, it becomes harder for price action to pierce down through it. It becomes much easier to break through (whether up or down) when the cloud is thin.
- is showing that we are trading above 50% levels which also indicates a is ongoing.
I am no financial advisor! Do your research before making any investments. PROTECT YOUR CAPITAL!