Potential flat pattern
The unconvincing structure of this correction overall has me wondering if it's not going to decline in 5 to make a flat. It's definitely possible. As shown with the channel slope, it's clearly a sideways pattern, but the current advance is unconvincing as the start of a 5th wave, or return to the larger degree upwards trend, certainly from an Elliott view.
It would still be well within the parameters of "the right look" for the 4th wave of an impulse, with potential termination points just below the base channel shown in blue.
Something to be aware of.
If it goes well beyond 105% retracement of the labelled (a) wave decline (in other words a new ATH), and starts to make only corrective pullbacks from there, then this idea is likely dead.
But the longer it struggles to make that push through the resistance, the more it is susceptible to a dump. Let's see how these come together with the volume, and if buying dries up. At this level, sellers could easily be offloading gradually, and if buyers do dry up, the sellers could spark a bigger dump. "IF" - let's see.
It would still be well within the parameters of "the right look" for the 4th wave of an impulse, with potential termination points just below the base channel shown in blue.
Something to be aware of.
If it goes well beyond 105% retracement of the labelled (a) wave decline (in other words a new ATH), and starts to make only corrective pullbacks from there, then this idea is likely dead.
But the longer it struggles to make that push through the resistance, the more it is susceptible to a dump. Let's see how these come together with the volume, and if buying dries up. At this level, sellers could easily be offloading gradually, and if buyers do dry up, the sellers could spark a bigger dump. "IF" - let's see.
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