Last post suggested a Triangle in the making. The pattern is now either complete, or close to completion, and most likely followed by a thrust up towards 1195. Today, i'll be posting just the 5-min chart.
Click here to look at what an idealized Triangle should look like. Wave D in the above chart did not quite reach the upper trendline. Otherwise, the pattern looks complete and ready for the thrust, which should be in the direction of the major trend - up! Price has to break through 1175 with force to confirm the thrust. Any breakdown below 1161 invalidates the above pattern. There is a remote possibility that we go sideways for a bit more before the thrust.
As a triangle typically precede the final move of the wave it is in, we can expect a sharp u-turn once it hits the target.
All the best & watch out for an update after the long weekend. Stay safe!
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