The grey line represents the major fibonacci extension level from the wave 1 (refer to my last post for a better look at that). The green line is a major horizontal support line. I see a potential higher low to be made. The fib extension acting as short term resistance and this horizontal line acting as support. After this, the wedge could break upwards. Furthermore, the bullish divergence showing up in the RSI can't be ignored.
My idea will be invalidated if a new low is made below today's lows.
My idea will be invalidated if a new low is made below today's lows.
Nota
The current 3 day candle doesn't close tomorrow but it looks like a good support area. This will be invalidated with a decent close below this area tomorrow night.Nota
This is my secondary wedge idea that would have us break out even faster. I decided to originally post the most conservative version I found.Nota
Wedge Update.
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