I don't believe price is going to break down just yet.
EW count key:
Purple with (circled numbers) - 1st degree wave
Green - 2nd Degree wave
Black - 3rd Degree wave
Blue - 4th Degree Wave
Red - 5th Degree
My Elliot Wave count says a small 5th wave in the Red 5th degree remaining, however I am not convinced. It appears to be forming a truncated 5th wave but that is not possible as the 4th (Blue) and 3rd (Black) have to be in their 5th wave as well to form a truncated 5th wave... (as far as I remember). My EW count is not reliable so I'm going to discount it.
RSI shows 2 things.
1 - Not oversold yet on 1D chart.
2 - Hidden Bullish divergence (see red verticals lines and red arrows on RSI). Price forms higher lows, but RSI forms lower lows indicating further upside to come.
Price had a false break out of channel resistance, but came back inside, then tested trend line as resistance again.
Possible ascending wedge pattern in play.
EW count key:
Purple with (circled numbers) - 1st degree wave
Green - 2nd Degree wave
Black - 3rd Degree wave
Blue - 4th Degree Wave
Red - 5th Degree
My Elliot Wave count says a small 5th wave in the Red 5th degree remaining, however I am not convinced. It appears to be forming a truncated 5th wave but that is not possible as the 4th (Blue) and 3rd (Black) have to be in their 5th wave as well to form a truncated 5th wave... (as far as I remember). My EW count is not reliable so I'm going to discount it.
RSI shows 2 things.
1 - Not oversold yet on 1D chart.
2 - Hidden Bullish divergence (see red verticals lines and red arrows on RSI). Price forms higher lows, but RSI forms lower lows indicating further upside to come.
Price had a false break out of channel resistance, but came back inside, then tested trend line as resistance again.
Possible ascending wedge pattern in play.