The decline from $88.77 looks to have completed its five-wave sequence.
Primary wave 4 (black) unfolded as a triangle, and the decline to $47.73 could be all of primary wave 5.
Primary waves 3 and 5, if the decline is complete, have created a double bottom reversal pattern.
$47.73 is the key invalidation level for the bullish outlook.
Primary wave 4 (black) unfolded as a triangle, and the decline to $47.73 could be all of primary wave 5.
Primary waves 3 and 5, if the decline is complete, have created a double bottom reversal pattern.
$47.73 is the key invalidation level for the bullish outlook.
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