A break above purple supply zone could indicate an impulse wave meaning more upside. a failure to break and hold above it would mean corrective price action and likely to range. Numbers (Roman Numerials) indicate impulse waves in Elloitt Wave counts while Letters indicate Corrective waves. There is always a Bear Case, not financial advice do your own research.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.