SUMMARY
The weak hands panic and sell at the slightest hint of fear. This is when price pierces a support and the below chart with the green arrow line was shared a couple days ago. Price could dip below the support for a couple days or so and when divested of the weak hands, rise back above. This would bring the price that much closer towards the apex while also generate a bull wick. The MACD would take the same actions and touch or even temporarily pierce the bottom yellow support.
The fact that the MACD, since December, has so well obeyed the boundaries of the symmetrical triangle yellow lines gives evidence to the declining influence of the sellers. The boxed in region shows that the degree of up and down the MACD has is now very constrained and limited. So, somthing has to give and it's either the bottom support or the upper resistance. I believe the white W bottom is still in effect until a decisive break of the first price support is seen.
MACD will likely rise and fall one more cycle as shown by the blue arrow line. This could lead to yet a smaller fractal of a wedge pattern. All of this is dependent on the supports holding.
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