I am new to TA so this information is just for educational use.
Notice the previous structure and the green dotted trend line around 11780. I have drawn a bullish channel that we are currently traveling through.
I tried to pick out a possible Elliot Wave. The corrective wave (ii) seems to be close to the fib retracement of wave (i) at the level of 0.236. Wave (iii) goes to the height of the fib extension 1.618 of wave (i). Then we see the corrective wave (iv) as a fib retracement to the 0.618 of impulse wave (iii). Next we see the impulse wave (v) extending to the fib 1.272 based on wave (iii), this also meets the a resistance at the previous drawn trend line. I have drawn the (abc) corrective waves as flat waves because of the resistance trend line drawn with the green dashed line.
After the waves finish, I hope to see more trend upward within the current channel. I have drawn the fib extension based on the wave (iv), I am not sure if this is valid or makes any sense.
Either way, this type of scenario will show continued growth.
I am concerned at the moment that the MACD is not showing signs of any type of reversal on the path to (b), although I am not sure if this is needed. The current RSI seems fine around 53, but again I am not sure if I am reading that incorrectly or if it will matter.
Any tips or suggestions are appreciated.
