5 waves up completed and needing a deeper ABC correction. Don't be fooled by the bullish pop on Friday, I was for a while but it looks like a technical pop up from compression of the channel. I believe the wedge structure here will still end up being inverted and take price down to fulfil wave 5 1.272. The current wedge is highly characteristic of wave 4 corrections.
Thanks for this insight. What is stop loss in case it is a triangle breakout to $69-$70 level? Thanks!
GusHendo
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@JMNIK, I have not entered tis trade yet, it is a possible scenario. I will update it if it develops as I think and provides a good entry.
It could also be an upside move- which ever way, there should be a good trade.