Looks like Wave 2 was not a simple correction as previously thought; but rather a Double Combo Elliott Wave. I'd expect Wave 3 to begin shortly, and for it to be an impulse/extension that moves quick.
If trade entry is taken here, note that the triangle pattern is invalidated if point (e) drops below point (c).
Previously I'd wondered if his W2 retrace would hold the 200DMA or drop back to a 61.8% retrace (and coincidental meet-up with the 50DMA); well the price has clearly chosen the latter and now sits exactly where my "ideal entry target" was plotted on my previous chart.
Given that the daily Stochastic has hit oversold and is converging again, I'd say there's a good...
Good clean Wave 1, stopped right in the middle of my "initial target area". Wave 2 will either be defined by holding above the 200DMA (extra bullish), or it will trace a bit more to a lower fib. I think the coincidence of the 50DMA level and 61.8% Fib makes that a likely target.
Wave 3, when it hits, should be pretty explosive.
Here we see a very long, very strong falling wedge pattern. Which is overall bullish. However, it doesn't look quite primed to go just yet (note the low volume on an RNS day!).
*However*, opportunities may present in coming weeks:
If it does continue to track down to the 78.6% retrace/support line - which is also a historical resistance level - then that could...
Very long flag consolidation price has broken out from AND importantly seems to have backtested. This is off a50% retrace of the main move so looks a good candidate for equal legs up to the 161.8% extension at around 70p.