1) indicators
we have be making lower high and lower low on both RSI and MACD
this confirm the ED (rising wedge) idea
2) pattern
We have the obvious inverted head and shoulder, it's located right under a supply zone, ideal position for a fakeout setup and a sharp drop
this also confirm the ED idea
3) Trendlines
We are now very far from both baseline, and a touchdown is to be expected
4)Elliott waves
wave 3 is kinda funny looking
not 100% sure that wave 1 isn't part of the downtrend, it is shape like wave i tho
Alternative count 1) would place 3 instead of wave i, we would have an entire wave 5 to come
Alternative count 2) wave iii is instead the top of wave 1
Invalidation of this scenario :
1) The ED breaks to the downside without reaching target 5 and either bounce off the channel or break through and reach the same II target
2) The ED breaks to the upside and reach 7400