We seem to be forming a flat ABC
correction on the larger scale, which suggests we are currently in the B wave coming down. Since we have completed 5 waves down on the minor scale I am expecting a bounce for the (B) wave up to the red resistance zone
. This resistance zone
also corresponds with the 0.618 fib retracement upwards and several EMA
resistances on different times frames. Bulish divergences on the RSI
also suggest a bounce.