Waves, clearly, is moving in an ascending channel; On it way making harmonic patterns. Now, price is at the bottom of the channel trying to build support zone. If the price can make another higher high and higher low, then it can be said that support zone is built at the bottom and reversal has happened. Let's see what happens.
Comment:
WAVE shows signs of reversal, but has not yet started its upward impulse wave. First, WAVE has to break the current triangle pattern in which oscillate. Let's see what happens.
WAVE shows signs of reversal, but has not yet started its upward impulse wave. First, WAVE has to break the current triangle pattern in which oscillate. Let's see what happens.
As can be seen, WAVES been trying to build a support floor in order to start an impulse wave upward. So far so good; broke the minor downtrend triangle with a big and powerful candle. To be sure, we need to see price make at least 2 HH and HL and break above the horizontal area shown in the picture. Let's see what happens.