This chart looks really nice, we got nice 5 waves to the upside and now price is moving moreless sideways for 36 days, so uptrend should continue. I think, that bottom of the correction isn´t set yet, we always had only 3 waves to the upside (this means "x" - failure) - we usually have one or two failures (WXY or WXYXZ correction ) before the bottom of the correction is set. We have very nice trendline from the top and after we get above that trendline (and closed above that), I think uptrend will continue.
Komentar:
Damn, hard to tell, if ELF already bottomed out, too many mixed signals. We got above that long trendline with good volume, but the rejection was pretty big and we didn´t see any follow through from bulls, so hard to tell. Bullish level is obvious, but personaly I think we will see last leg to the downside (turquoise line) and after that we will see 5 waves up. But the bottom could easily be set.