Looks like an ABC Corrective wave had ended at the low of $9071. It did not reach 100% fib extension from the high of $13,868. Price could still make a deeper pullback but for now waiting for a small pullback to make wave (ii) (black) before making way to the upside.
The structure from the low of 9th July looks to be in 3 waves in subwave. In Ending Diagonal structure should be looking like 3-3-3-3-3, and right now we are going to complete wave ((iv)) before resuming uptrend to complete wave ((v)) towards $1458 - $1470.
So we have an ABC Corrective Wave from peak of 20th Feb. Right now Wave C is underway after Wave B completed at peak $1324.
Wave 1 of C completed at $1285 and we have a small Flat Corrective Wave ABC towards $1310 which labeled as Wave 2. Currently we are going for Wave 3 of C. I see another pullback from $1284 towards $1299 for subwave (2) of 3. Final target...
Price made 5 waves move from peak of 25th March and now pulling back in ABC Corrective structure. Also visible here is a Bearish Bat harmonic pattern which also coincides with 161.8% fib extension of AB. Place Short entry in the blue box targeting $1259 which is 100% fib extension from peak of 20th February.
Writing here as an educational post showing that we have few technical patterns.
Firstly we have the classical chart pattern Head & Shoulder where chart pattern trader will only take a Long trade when it breaks and closes above neckline.
Then next we have a Falling Wedge which given a typical chart pattern trader, they will wait for a breakout to the upside...
Pair is still in WXY correction mode. Having made X (red) on last Friday to complete 6th swing, now we can see the final 7th swing to the upside between 1.33441 - 1.34170 to find sellers and make new lower low than 1.3180 OR 3 waves pullback and then to make 11th swing to the upside to make WXYZ structure.