I mentioned this morning a slight concern about the topping LOI pattern I saw. It broke down during this 4H bar. That said, I do not see it as an indication at this time of any significant downward movement.
There is a new Bullish Ascending Triangle on the chart. It terminates in 20 hours. These things never go to full termination, so I expect some break one way or another in the next 8, probably during the Asian session. It is a bullish formation, and we should be in Wave 3, so it should be breaking up.
Should... so... it can also break down. Either way, these formations, and Pennants, usually precede significant moves.
Ready. Set. Go.
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