As per the linked chart showing the bullish flag we expect another leg up. We are at the dynamic trend line of the bullish flag with divergence convergence and an ABC pattern down to almost 50% of the move up (1 hour chart) This is the time to see if buyers come back into the market/.
WE have a move to the upside followed by a bullish flag. the initial move up really is only one leg as there is no significant pullback to call waves. So even if this is a corrective wave we should get one more leg up.
The cycles and flag pattern shown in the linked idea show we are currently at the bottom of the flag pattern. with the divergence and convergence confirmation on the 1 hour chart we look to this making at least a 38% pull back on the last wave down.
After a strong leg up with no pull backs we entered a bullish flag pattern which we can consider the first pull back of an 2 or 3 wave pattern. we had divergence on histogram before the pullback but not on the MA's indicating the upside is not over. See the lower time frames for entry
As per the linked chart you can see the cycles involved. Now at the end of a 3 waves impulse cycle we can expect to see ABC back to 50%. We have Divergence on Weekly, daily and 4 hour. Convergence has validated the bullish and as long as we stay above the invalidation zone then we should be bullish for the mid term.
We have had 3 impulse waves down with Divergence and hidden divergence. We are sitting above a volume zone and in a magnet zone from the fib extensions. As long as the current support level holds I would expect a push back up to 50% of the 3 wave move down.
Following the cycles of the daily chart (linked) we are now looking for reasons to buy this asset. The two false breaks at a key support level shows buyers battling to take control. We have already had Divergence and convergence with a pull back and are currently on the 4th leg of a 5 wave impulse move. As long as the support holds I am bullish back to the 50%...
After a huge move down we had a pullback which was correct to 38%, however there was no divergence before we had the recent 3 wave down move. This 3 waves down however does show divergence on the histogram which indicates a possible correction. I would now expect to see 2 waves correction to 50%
As per linked Daily chart, we can see an ABC correction coming to an end with divergence. The 4 hour chart is also demonstrating multiple false breaks and divergences around the strong support zone. The above hourly chart shows a clear false break and buyer pushing back with divergence and convergence principle. Risk reward is good so I am not waiting for any pull...