Finally, the price broke down after a few attempts that failed and eventually became bull traps. It was a very complex move to navigate and many times a trader can lose patience...
Now we are on the way to completing wave 5 or C (I have labeled it with both). We may see a retest of the upper wedge line which will be wave (iv) or c. There will find the 2h supply zone. To support this action, some will notice the weak bullish divergence of rsi.
Imo we will see volume decreasing, as we already see some, and when eventually it diminishes, we will see a decisive test of the remaining supply into the end of wave 5. There we may see a bear trap as the bears will see a channel break down, latecomers will be trapped and fear will be all over retail investors allowing smart money to accumulate the remaining floating supply in ghost mode.
Now we are on the way to completing wave 5 or C (I have labeled it with both). We may see a retest of the upper wedge line which will be wave (iv) or c. There will find the 2h supply zone. To support this action, some will notice the weak bullish divergence of rsi.
Imo we will see volume decreasing, as we already see some, and when eventually it diminishes, we will see a decisive test of the remaining supply into the end of wave 5. There we may see a bear trap as the bears will see a channel break down, latecomers will be trapped and fear will be all over retail investors allowing smart money to accumulate the remaining floating supply in ghost mode.
