Referring to earlier Fibonacci, the price reacted on a resistance level, so this is the reason for a little drop today. However, the price has started picking up on small time frame. This movement is referred to Accumulation period, where insiders started to get in, or in Elliot Wave analysis it is called Wave 1, after wave 1 there will be wave 2 (small retracement) before it could make wave 3 (Public Participation phase where retailers have started to participate upon positive news). However, in technical analysis, Wave 1 is no longer valid if wave 2 drops lower than last low.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.