3rd chart out of a serie of 3 for my Twitter followers.
We can see that price is making a 5 legs structure wave to the upside and just finished a deep pullback after a big move up. Normally, 5th should be at least equal length of leg 3 which means a new ATH. Price broke out of the downtrend and retested the lower trendline. It bounced from that trendline which is a good sign.
Shorter term: quite simple==> as long as price stays above the yellow trendline, its a good buy for a possible big move up.
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After the stormy days, we dropped out of the pattern and formed a new one, but it didnt change anything on the bigger picture (1-5 wave). Right now, its recovring and looking for a break out today. In the current pattern it formed an ABC-correction. Watch for breakout and buy after for target mentioned on chart
@PatRickG, allthough I'm not a die hard EW follower and not waiting for long discussions about it but I remember the rule "wave 3 is never the shortest" often the longest, but its not a rule