After the succesfull ABC retraction wave we are in a new full elliott wave cycle.
Just had bumps 1 and 2 and we are in wave 3 now.
If wave 3 ends here we could see some chop as we battle out the remaining longs in the volume profile.
This battle would make a inverted head and shoulders pattern that makes the continuation of uptrend possible.
Also the Russian central bank has purchased a lot of gold to stabilise the "rubble" IMO this can be seen as a constitutional order position that they must defend when the prices drop any further.
Let me know your thoughts!
Regards
EPPS
Just had bumps 1 and 2 and we are in wave 3 now.
If wave 3 ends here we could see some chop as we battle out the remaining longs in the volume profile.
This battle would make a inverted head and shoulders pattern that makes the continuation of uptrend possible.
Also the Russian central bank has purchased a lot of gold to stabilise the "rubble" IMO this can be seen as a constitutional order position that they must defend when the prices drop any further.
Let me know your thoughts!
Regards
EPPS