Now I can see the price action hovering around the line. On the daily , using wave analysis, we are possibly forming a C wave at this point on an expanding flat or we actually do have an expanding (which are very rare) and subwave 4 of that diagonal is getting formed. If the latter holds, it would mean that the last wave to complete the pattern will put us around $20.
Two targets for me, $50 based on the P&F targets (first one), second one is around $60 which is where wave 4 on my ends. But I have a clear invalidation point of my analysis at $39.25, where the P&F creates a . If that happens, I will reassess.
Lots of labels, this is a weekly chart and we have two scenarios that can play out. We are either on an expanding flat and currently on C wave, if that is the case we are in the motive sub-waves possibly forming sub-wave ii right now (in blue box). Or, we are in a ending expanding diagonal (which are rare), and sub-wave v of wave 5 is starting to form. If that is the case, we can look at that $20 level before correcting. I did open a quick short position but will keep a tight S/L, if the first scenario plays out then we should see bullish movement coming in at around the $32 level. If we are indeed on the second scenario, we will drop.