This 30 minute chart shows a clear bull retrace flag which is forming following the initial breakout from lows seen recently.
What I have shown is an assumed Elliott pattern which to hold true needs to go no further in its retracement than the 61.8% point, or it will risk W(iv) overstepping W(i) - invalidating this setup.
As soon as the upper parallel flag (resistance) line gets broken and the RSI trend is breaks upwards again I expect this to move quite fast up to the target line.
What I have shown is an assumed Elliott pattern which to hold true needs to go no further in its retracement than the 61.8% point, or it will risk W(iv) overstepping W(i) - invalidating this setup.
As soon as the upper parallel flag (resistance) line gets broken and the RSI trend is breaks upwards again I expect this to move quite fast up to the target line.
Comment:
Actually it may not be correct to have the fib retrace start at the (0) point, but instead (ii) may have been better? In which case the levels to look for are 2.73 (61.8%) and 2.52 (78.6%). If the latter, it may _just_ not invalidate the Elliott as on AIM (ii) and (iv) can sometimes overlap slightly.
