The 1 hour chart had a break of the uptrend channel and saw a further acceleration of the bullish momentum with 5 waves within the C leg yesterday. The X vs W Fibonacci retracement levels could act as support and bounce spots.
The ABC (orange) zigzag could complete the wave Y (green) correction but that depends on this week’s price action. A failure to break the current high could indicate the completion of wave Y (blue) but not necessarily the conclusion of wave B (black) as the count could expand with a bigger WXY.
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