o The weekly chart suggests the completion of a 5-wave impulse to the upside.
o Currently, the price is forming an ABC corrective structure:
o Wave A is complete and has tested the previous demand zone.
o Wave B appears to be forming a rising wedge (bearish continuation pattern).
o Wave C is anticipated to move lower, targeting deeper demand zones (374-360).
o The RSI on the 4H timeframe shows bearish divergence at recent highs, aligning with the corrective wave outlook.
"Be fearful when others are greedy, and greedy when others are fearful." – Warren Buffett
"The goal of a successful trader is to make the best trades. Money is secondary." – Alexander Elder
Stay disciplined and adhere to your risk management rules!
Disclaimer
This idea is for educational purposes only and does not constitute financial advice. Always conduct your own research and consult a financial advisor before trading. Past performance is not indicative of future results.
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