Looking to carve out a sideways consolidation in the black pennant to eat time before running up to the major catalyst June 21st
White fib retracement is of the larger degree i back in January
Light blue fib extension is of the i-ii in light blue
Purple fib extension is of the 1-2 in purple
Blue fib retracement is of the 3-4 in purple
Red fib extension is of a possible AB down to the C
Red hot box confluence of 1:1 fib extension, .65 of the 3, is a possible bottom of 4, but the declining volume makes me lean toward the bull pennant scenario
Another possible scenario is the 4 is finished and the smaller degree 1-2 is already in, marked in pink
Price is finding support at the black parallel channel, which makes this a strong contender, along with the more responsive upside volume
Bullish above the white .65, bearish if price dips below that for longer than a wick
Target in red boxes above
White fib retracement is of the larger degree i back in January
Light blue fib extension is of the i-ii in light blue
Purple fib extension is of the 1-2 in purple
Blue fib retracement is of the 3-4 in purple
Red fib extension is of a possible AB down to the C
Red hot box confluence of 1:1 fib extension, .65 of the 3, is a possible bottom of 4, but the declining volume makes me lean toward the bull pennant scenario
Another possible scenario is the 4 is finished and the smaller degree 1-2 is already in, marked in pink
Price is finding support at the black parallel channel, which makes this a strong contender, along with the more responsive upside volume
Bullish above the white .65, bearish if price dips below that for longer than a wick
Target in red boxes above
Still intact for now