Heand and Shoulders Reversal and end of Corrective C wave
Here we can see 5 waves up followed by a corrective ABC wave, with the bottom of the C wave ending at the 50% fib level of the initial Elliot wave (from wave 1 through 5). ABC wave also formed a nice and square bull flag, and we have what appears to be a possible inverse head and shoulders pattern at the bottom of the C wave. All in all a good confluence of strategies all pointing to a long, i was also hoping for divergence acros the lower lows of the price action but we dont seem to have any on the 1H chart.
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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.