Impossible to call the next move other than to say it will happen within the next few hours - but is 50/50 up or down. Unfortunately a symmetrical triangle has no continuation or reversal bias.
Possible scenarios:
1. Break up - this will then likely proceed higher on a W3 move
2. Break down. Then we have two possibilities:
i. W2 continues down to 78.6% retrace, before W3 starts northward.
ii. The whole bounce was a dead cat one and it continues southwards.
For anyone wanting to trade this, look for the key areas and wait for a move before entering, would be my recommendation.
Possible scenarios:
1. Break up - this will then likely proceed higher on a W3 move
2. Break down. Then we have two possibilities:
i. W2 continues down to 78.6% retrace, before W3 starts northward.
ii. The whole bounce was a dead cat one and it continues southwards.
For anyone wanting to trade this, look for the key areas and wait for a move before entering, would be my recommendation.
ノート
Typo: "Potential W1 downside" annotation on chart should read "Potential W2 downside"
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