The chart shows a rising wedge/channel with price trading upwards near Resistance 1. The current upward trend may face resistance at higher levels, particularly R2 and R3.
Harmonic Patterns:
Shark Pattern (Left side): Indicating a reversal in earlier phases. ABCD Patterns & Cypher: Multiple harmonic patterns suggest significant retracement zones and reversals.
Volume Analysis:
Noticeable volume spikes during corrections, hinting at strong buyer interest during pullbacks.
Outlook:
Watch for a breakout above Resistance 1 for further upward momentum. Breakdown below Support 1 could trigger a reversal toward Support 2.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. I am a long-term options seller, and my positions may differ from short-term trading perspectives. Always consider your risk appetite before making investment decisions.
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