Price broke out of the previous range / consolidation and is bouncing off the broken resistance level that turned into support.
Next we are heading to a retest of the 270 resistance area.
Volume confirms the breakout and MAGNUS Cycles indicator gave a buy signal, too.
RSI is hot but not yet overbought, allowing for more upside action to unfold.
A break of the...
I expect a mirroring of the price action from the left side of the B point.
Thus the CD leg should have the same (negative) slope as the XA leg.
Then I noticed that it would form a harmonic pattern and I checked out the harmonic ratios.
Turnes out that all are fib ratios. The OTE sweet spot is actually a fib ratio, too, but not many know it.
Out of interest I...
I drew a triangle based on OBV's 50 hour moving average (orange),
and mirrored the triangle on price.
Red and green areas are 80/20 % overbought / oversold zones.
At this moment we are in the overbought zone so you can try a short here.
I expect a big move of ca. 50% after price breaks out of the triangle.
Volume and OBV are both not supporting the bullishness of this wave (III)
We are likely to continue forming the wedge (in 5 waves ideally) on lower volume and break down right after.
Sell here and buy at the level of green support trend line.
For further analysis check out my other published charts that I linked bellow.
Cheers : ]