Did we create a local bottom few hours ago? If not, here is a scenario that seems to fit. Red lines are strong resistance established months ago using log scale (3 touches on each line - see link below). Left fib tracement (6000 to 11800) shows 7250 pullback touched the 786 retracement AND the red trendline perfectly. Notice the 786 retracement for latest 7250 to 9150 run (right FIB disply) touches the red trendline in about 2-3 days. Do we get a small bounce here before the FIB and trend line converge? Who knows, but something to look out for. We are nearing the apex of this triangle trend so a break to the upside or downside needs to occur sooner than later.
Note
Note
Possible elliot count to get the 786 and red trend line intersection.
Note
Alternate count to get us to intersection... blue wave two retracement just past the 786 so the four wave needs to be shallower...
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.