Here is my current Elliott wave counting. If this uptrend wave is Wave B of the corrective waves, it is most likely to drop again after the wave 3 (5-3-5 wave structure). We succeeded on breaking above the mid-term down trend line and thus we are now in a parallel channel (yellow). In a short-term perspective, the uptrend line (orange) is supporting firmly. Currently the top of the yellow parallel channel and the orange trendline is about to converge which means that it is going to either break above or below in 12 hours. My target for long position is as listed below. 1st: $8,580~$8,620 2nd: $8,680~$8,730 3rd: $8,780~$8,840 If we break below $8,380, this counting and targets become invalidated.
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