eyes on earnings next week there is a good chance for some long and short trades here. price has dropped pre earnings and bounced nicely off the 61.8% retracement and trading above its moving averages. a positive earnings report and we could enter long trades with targets around ab=cd, bat completetion where we can look for short.
We have classic bearish 5 waves pattern with an ending diagonal trangle in wave 5. An ending diagonal is a special type of pattern that occurs at times when the preceding move has gone too far too fast. In all cases, they are found at the termination points of larger patterns, indicating exhaustion of the larger movement.