Evening guys
Here's my chart analysis looking at the Elliot wave count, looks like this long drawn out triangle is corrective wave 4, it is most common for a triangle to occur in the wave 4 position which gives more strength to the count.
I'm quite new to Elliot wave theory so just throwing this out there to get some input from other EW enthusiasts
anyone new to this who might want to read up on the basic principles I found this site very helpful
https://www.elliottwave.com/Free-Reports/Elliott-Wave-Principle?signup=club
Further to the Elliot wave count I'm noticing some strong similarities with prior breakouts emerge on the Stochastic and CMF.
See Below
Next move
could be a mini breakout above 12 to test 14 with a few more shakes of the tree before the major breakout, bear in mind this could take anywhere from a week to 2 months to play out and
Macro risk can always throw a spanner in the works.
Not making any predictions here just observations of how I think things may develop in a perfect world.
Bear in mind the short position has increased in the last week and now sits just shy of 100m at 99,507,663 or 2.09% of the register. are they running out of ammo?
It'll be one hell of a squeeze if they have to cover in a hurry.
