H4 closed under 3k yesterday to cause a bearish breakout and potentially a second correction cycle.
Unfortunately we we're unable to make it past the prior pattern transition point {2/10} which sends us back to the original prediction.
Bottoms have been adjusted based off a 3250 neckline high (vs 3200). The upper pattern support is at long-term trendline (solid purple) and the lower is at prior bottom average, or ~2400. Both of these patterns extend into early March.
It's worth noting the intersection point of the lower pattern in relation to long-term trendline, a critical support (2600) and the ending point of our 'current' pattern. imo this is a major testing zone where a close below would likely guarantee further drop. In other words, we would need tighter consolidation to hit the upper pattern and maintain the long-term ascending triangle. This would ultimately result in a third bottom as well.
If we do recover before, or sometime close to, the end of pattern look for a possible cup-and-handle breakout.
Unfortunately we we're unable to make it past the prior pattern transition point {2/10} which sends us back to the original prediction.
Bottoms have been adjusted based off a 3250 neckline high (vs 3200). The upper pattern support is at long-term trendline (solid purple) and the lower is at prior bottom average, or ~2400. Both of these patterns extend into early March.
It's worth noting the intersection point of the lower pattern in relation to long-term trendline, a critical support (2600) and the ending point of our 'current' pattern. imo this is a major testing zone where a close below would likely guarantee further drop. In other words, we would need tighter consolidation to hit the upper pattern and maintain the long-term ascending triangle. This would ultimately result in a third bottom as well.
If we do recover before, or sometime close to, the end of pattern look for a possible cup-and-handle breakout.
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