Analysis for phase 5: There is no structural resistance in sight so there is potential for phase 5 to extend which would support this expanding diagonal wave form. Phase 5 must exceed 110% the length of phase 1 should this wave form come through.
Trade closed: stop reached
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Break-even
Comment
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The actionable micro degree wave (blue) that unfolded as a failed converging diagonal fits perfectly into our long term analysis of a strong downtrend. The failed diagonal is the composition of a bullish correction. Whether this incline marks the end of the bullish correction is yet to be confirmed.