This is a beautiful chart. The elasticity is consistent throughout the history of this asset.
The thesis is basically summed up by a golden pocket retrace.
The most recent structure of this market was a wedge that broke up, we have now re created, with the same range(y-axis) and nearing the exact same time (x-axis) as the previous wedge.
If this 2nd wedge breaks up again (the pink arrow that is duplicated on my chart displays this) we are looking to test the next high at about $30.
The thesis is basically summed up by a golden pocket retrace.
The most recent structure of this market was a wedge that broke up, we have now re created, with the same range(y-axis) and nearing the exact same time (x-axis) as the previous wedge.
If this 2nd wedge breaks up again (the pink arrow that is duplicated on my chart displays this) we are looking to test the next high at about $30.