Timeframe: 4h
Prices have formed a contracting triangle on the 4-hour chart. The 20/50/100/200 EMA indicators are closely positioned relative to the price, indicating a sideways trend. The Average True Range (ATR) has decreased to 10.04, showing reduced volatility. This triangle pattern has persisted for over two months.
According to the Elliott Wave principle, the price has completed wave 2317.8. A new cycle could begin upon a breakout from the triangle’s upper or lower boundary. Analysis suggests a bullish outlook due to the completion of the triangle’s corrective structure. Potential targets for this setup are 2368 – 2395 – 2444+.
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