Outlook is very bullish for the coming months. Expecting wave 2 low to be in or very close. Blue lines are the target zone within the prior consolidation area, clustered with both equality between wave A and C, and nearby 61.8% retracement level. Although this level is a good candidate for a bottom, there is no evidence the trend has shifted just yet.
Let’s check the intraday charts:
From the low, we can only count 3 waves up so far. With the intersecting trendlines, the primary direction of the trend should be more visible after tomorrow depending on which way it breaks. We’re looking for a clear 5-wave pattern upwards to suggest that the trend has returned to being bullish.
Happy Trading!