Two possibilities that I can see. An impulse wave to start a higher degree Wave 3 or an ABC to complete what may be an X wave in a WXY Wave 2 of higher degree. Price continues in a Wyckoff trading pattern and put options have the bias over the last couple of weeks on the January Options expiring in December. Technicals approaching over bought areas so may see downward movement at some point regardless.
Commentaire:
Price consolidating for quite some time. Both Wave C and Wave 3 marked as possibilities both will show a 5 wave pattern which just can count as completed on overnight trading. Divergence on 4 hr chart on RSI indicates price likely to fall near term
Commentaire:
Looks like we have a winner. Distinct 5 wave structure although Wave 3 looks like it will need help if it doesn't want to be the shortest wave which of course would invalidate the count. This may be Wave 1 of a much larger Impulse Wave 3 or it's Wave 5 to finish up a larger Wave 1.