Break below the invalidation level will Negate the bullish biasFollowing the high in mid February the price action have been majorly sideways. From Elliott perspective, triangles are sideways movement that are usually followed by a thrust once completed traveling approximately the widest part of the triangle when project backward. We have an initial five wave rally to traded above the extreme of D and have ultimately been corrected in three wave sequence taking the shape of ziggzag and equality have also been met. In the chart, I have provided an invalidation level which according to Elliott wave two cannot retrace 100% of wave one. If this interpretation is correct, the uptrend should resume.
