It looks to me that we already have a real cup-and-handle formation as depicted by the green and purple solid lines. However, it looks to me that the subsequent run-up, roughly depicted by the solid pink line, has lent itself to form another cup-and-handle. This would suggest that the next formation would be a handle sell-off. A short-term sell-off that would form the handle is supported by being within an Ichimoku resistance zone, albeit above the cloud, and by the RSI level which appears to be approaching a cross-over: something that hasn't happened since January 9th. This sell-off would then form the handle (dotted channel), and that suggests a subsequent profit run. The idea of a profit run is further supported by the flipping of the Ichimoku cloud come January 30. This creates an unusual Double-Cup-and-Handle (DCNH) formation which may imply a subsequent bull run that is stronger than a typical cup-and-handle formation. Moreover, a DCNH can be simplified to a single cup-and-handle that forms a larger cup (dotted curve). I suspect that we will see a short-term sell-off followed by very strong upward movement.
Comment:
The handle is begging to form as predicted. This would support the case for upward price movement starting January 30.