Price impulsively moved down from the correction of wave 5, for the possibility of the ABC correction before continuing the up trend to the levels highlighted in the top blue box.However it should be noted that at the end of the ABC correction we could see a head and shoulders pattern play out so we need to monitor price level around 0.64464 for the potential...
Price broke out of the descending Trend-line, catching the retracement im anticipating price to reach the 50% level of the setup before breaking back inside the descending trend-line or rejecting and continuing the uptrend.
After the completion of the elliot wave 1-5 cycle, i am now expecting the corrective abc pattern to form before the impulse into the new cycle.
A strong rejection of the fib level on wave 5 indicated strong buying power into the corrective phase,as seen by the potential flag setup to continue the upside movement.
