If we are in an ABC correction and C extends to equal A then, according to my calculation, C should end at the purple line, which is the February high. A drop in price from there would leave a Head and Shoulders pattern.
This latest channel is clearly starting to lean, so I expect price to fall soon, however price could reach the purple line without necessarily breaking from this channel beforehand.
Will be interesting to see what this week brings.
This latest channel is clearly starting to lean, so I expect price to fall soon, however price could reach the purple line without necessarily breaking from this channel beforehand.
Will be interesting to see what this week brings.