The breakout occurred yesterday and today the neckline could be the bounce target since the bounce is forming a rising wedge.
The upper limit of a potential Elliot Wave count would be invalidated should the horizontal red line fail to cap a rally which surpasses the neckline.
After the current rally is completed a swift reversal to test the $25-26 range appears likely to mount support.
Longer term a move above $30 should usher in a test of $50.
The upper limit of a potential Elliot Wave count would be invalidated should the horizontal red line fail to cap a rally which surpasses the neckline.
After the current rally is completed a swift reversal to test the $25-26 range appears likely to mount support.
Longer term a move above $30 should usher in a test of $50.