Price has just broken out of the falling wedge or ending diagonal.
On lower time frame, we have an inverted head and shoulder pattern that has just retested.
We will see price over the next months to their 2015 levels based on pure technical analysis.
Buy long term and hold
Selling through 2020 into early 2021
Price currently at wave 4 and early signal for reversal has a head and shoulder pattern in play awaiting break and retest of neckline.
Target is wave 5 right into the strong support zone.
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Using elliot wave count we can see lots of buying and selling opportunities.
price currently is within a small channel seeking to achieve wave B correction and ultimately point C completing the elliot wave correction ABC.
2 scenerios..... Both Long Bias
A....Either the handle is an A-B-C correction ending at 38.1 Fib level
B.....A 5 Wave correction probably ending at 50 fib level
If A hold....Buy at break of descending handle trendline as conservative entry
Aggressive entry will be to target Wave 5 and enter a buy.
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