Considering the failure to break the dynamic resistance and the breakdown of the triangle in this wave, it seems that we have been experiencing an Elliott corrective pattern, as illustrated on the chart. To confirm the validity of this pattern, the dynamic resistance must be broken. I place significant weight on this breakout, especially since there are at most two months left until the end of the current cycle, and such confirmation could play a decisive role in the market’s next direction.
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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.