The formation for the last eight years has been that of a sideways converging pattern, a potential triangle. We initially started following this last year talking about the possibility of [d] of the triangle being set and to prepare for a bounce up into first quarter of this year. A relatively more recent update talked about a possible small retrace as some initial resistance was tested in March. That resistance was ground through which resulted in a quick move to the next common retrace value, 50% at 28.30. Wave ‘e’ in a triangle is tricky to forecast a price for as it is not unusual for them to terminate before reaching the far side of the range.
I am leaning to all of wave [e] of the triangle being nearly complete but can’t rule out a choppy sideways to lower move followed by yet another rise to test higher into the range to form an overall more complex wave [e].
