This is proving a good TA posting in terms of timing
@Cabbie , so well done. Maybe its time to act, according to Wyckoff!
On a
Weekly Chart the 56.5cL was the perfect 3.618% extn of the initial range fall($3.195 to $2.74) established back in June-Aug '23 and this week's action has finally broken the DTL shown in black. On a
Daily Chart the 56.5c L was also at the bottom TL of my (orange) Bottoming Downtrend Channel Pattern resulting in the initial bounce response back to form our final re-test of the Bearish Wedge pattern shown. This week we broke out of that pattern. The
Hourly Chart highlights what could be a significant breakout of the (blue) DTChannel shown but also above the "initial Range" high out of the 56.5cL mentioned on the Daily. There is still one final hurdle to eliminate that the recent rally high is just the end of an ABC corrective bounce out of the 56.5cL, i.e. wave C = wave A at today's high. To negate this prospect, 'value' above 84.5c would comfort Bulls. One might even wait for value above the obvious 87-88.5c Resistance levels as shown on the Daily Chart. However, both Daily and Hourly momentum oscillators, and volume increases, are suggesting this move out of the 56.5cL should prove more upside is to come.
Weekly Chart(posted early Sept)....
View attachment 6496659Daily Chart ...
View attachment 6496662Hourly Chart ...
View attachment 6496665
(20min delay)