Counting waves to this one was very easy. Since 2011 price is moving in descending channel having formed the first 5 waves of an elliott wave cycle. A bullish divergence in RSI pushed price higher breaking the long term resistance upper TL of the channel compliting wave A of the ABC correction pattern which follows the 5 waves.
Price is now entering a key support zone where we should have wave B completion. One more wave up will complete the entire cycle. There will be many long opportunities in wave C and as soon as i indetify a bullish signal in the lower timeframes i will update this post.
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John
Price is now entering a key support zone where we should have wave B completion. One more wave up will complete the entire cycle. There will be many long opportunities in wave C and as soon as i indetify a bullish signal in the lower timeframes i will update this post.
Like and comment,
John