has potentially completed a long term bullish
impulse followed by a 5 wave "a" and a 3 wave "b" correction. 1 and 5 waves show similar price ranges on two different degrees of impulse adding to the probability of the rally being ready for a corrective move down. Channel resistance may also add to bearish
bias. There has also been a breakout from the bullish trendline
indicating a possible "c" wave breakout. If the correction is not a zig-zag
or the rally is not over, the trade will be stopped out quickly. Target is placed near previous fourth wave support. This allows for a low-risk, high-reward trade with a R/R of about 15.