are they trying to trend this thing . dont really know..a 3 wave breakout would be the first sign they might be
if we have our point 0 correct and the boys are working off that. The channel break becomes the 3 wave break out and future wave 4 support zone. IF we get a 3-4 leg move we can use the channel technique for a 5 wave target. Remember EW is an analysis tool. (after the fact) price action is king, For now we are range bound. (Pink Lines). Theres also a potential channel to the downside in play. A break out above that channel long could lend to the bias of a bull trend.
if we have our point 0 correct and the boys are working off that. The channel break becomes the 3 wave break out and future wave 4 support zone. IF we get a 3-4 leg move we can use the channel technique for a 5 wave target. Remember EW is an analysis tool. (after the fact) price action is king, For now we are range bound. (Pink Lines). Theres also a potential channel to the downside in play. A break out above that channel long could lend to the bias of a bull trend.