Bearish flag, or Starting Wedge? Could be either.
A flag or wedge appears to be forming and could be a bearish wave 4 or a bullish wave 1, a break below $5211 would signal a 5th wave down towards $50 and a break above $5735 would cancel out the 5 wave idea and could see price back towards $65...I personally favour the idea that C wave completed at $5211 and we see higher prices from here.
An update to previous ideas below:
A flag or wedge appears to be forming and could be a bearish wave 4 or a bullish wave 1, a break below $5211 would signal a 5th wave down towards $50 and a break above $5735 would cancel out the 5 wave idea and could see price back towards $65...I personally favour the idea that C wave completed at $5211 and we see higher prices from here.
An update to previous ideas below:
Comment:
Update, could be end of wave 5 of C with bullish divergence showing, or end of a larger wave 3