This can be part of another corrective wave like an ABC , synced with an eventual , to then sink again, and in that case we can sell the structure ("channel") breakout.
OR it can be the start of wave 3 of a 5 of an impulse, that will send the price to go test the previous structure "channel" from weekly chart. - you can also zoom out on daily ;) to check that.
Wave 2 = 61.8% of wave 1 (Prices usually do not retrace more than 61.8% of the wave one gains;
Can never exceed the start of wave 1);
wave 3 = 161% ext of wave 1 (can never be the shortest impulse wave);
wave 4 = 38.2% of wave 3 (can never overlap wave 1 );
wave 5 = wave 1
Wave A = usually around the 50%/61.8% of wave 5
Wave B = Usually 50% of Wave A and Should not exceed 75% of wave A
Wave C = Wave A ( )
161% ext Wave A
262% ext Wave A