Good news everyone! This is really easy right now.
If 7350$ is not breached, we have a new uptrend. This level is important now. It cannot be wave 2, if it is breached though. Then we have to revaluate. But until then, this is the count:
This is a clear stop level for traders, because it is the invalidation point.
Notice the overshooting wave b? This often occurs in a running flat pattern like this.
The right shoulder of this inverse Head and Shoulders pattern (iSHS) is done now. A yellow wave 2 bounce fits the picture perfectly before this pattern is triggered in yellow wave 3.
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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
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