As one can see here looking at this chart, the dotted light magenta colored measured move line is more or less being overlapped by the daily 20ma(thin teal line) for double reinforced support and at the current moment the 20ma is maintaining support for now. It wouldn’t surprise me if price eventually wicked below it to retest the inv h&s neckline as support since it never did on the initial breakout above the neckline, but its also fairly probably that the 20ma or dotted measured move line can hold support. We will find out most likely before mid june if there will be any deeper correction before resuming the uptrend *not financial advice*
ノート
If you click play on this idea you will notice that price action had a precise retest of the purple neckline as wick support during the first week of august. From, there we bounced back up to the dotted purple measured move line which is currently acting as resistance. Seeing the neckline maintains good bounce support like it did is a great sign for bullish continuation. ノート
Target hit!
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