SUMMARY
This morning update had blue wave 3 and 4 and price seemed to be putting in wave 5. It was indicated how unlikey it would be for this current rise to decisively breach the upper white trend line.
The blue Elliott Waves have been slightly updated to show that waves 3 and 4 are now in and 5 should tage the $10,726 or briefly pierce the white line.
Here is how the Inverse Head & Shoulders fits into the larger white upper trend line. The white trend line and the blue Neckline both pose as resistance points. This is why the current rise is unlikely to bust through both of these lines. The blue arrow line shows a potential pathway and represents wave 3 of 3 which is the only wave with enough strength to move it upwards past the resistances.
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Elliott Wave Counting Tutorial #1
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