In my previous post I expected the price to make a new all-time high soon as there was a clear 5-wave impulse developing with 4th wave being a Triangle. Unfortunately, the Triangle was never formed, but instead it transformed into a Flat correction (A-B-C) with Triangle in wave B. This formation is very similiar to the previous higher degree correction. Just look at this chart, it's almost a fractal (except for the last leg -- three waves Y vs five waves C):
So, the safest wave to trade this would be to open longs on brake of this Pitchfork (currently $2720) with target above all-time highs. A brake below $2400 will negate this scenario.
Comment:
The party is in full swing, and the fractal is working:
