After 32 days, 16h of consolidation...
- The Impulse, wave 1 (weekly resistance);
- The and wave 2;
- New impulse into 127% extension from wave 1 (daily resistance forged); (wave 3 not yet completed...)
- Small retracement, didn't touch the 38.2%; (respecting previous structure, ascending or channel, the structure...the thing...)
- Price is above the weekly resistance, it can turn into support;
- A move upward into the 161% extension from wave 1 and that will complete wave 3;
- We know that wave 4 can never overlap wave 1 (cross into the same price area) and wave 5 is "equal" to wave 1, and there's a monthly resistance @1191.41.
- We also know if the price enter in a momentum it will need to break the structure and to test it before sinking looking for previous structure (if there's any, in this case shown by the red arrows).
The Cypher @Daily Support:
38.2% to 61.8% XA
127% to 141% ext XA
TP1 38.2% CD
TP2 61.8% CD
Check previous published idea - link below