The breakout from Andrews' pitchfork @H1 chart suggested that the recent correction, which took form of an A-B-C pattern, has likely been completed:
If we look at the bigger picture, we can see a strong uptrend (main trend) that is set to continue higher above $412. The correction from $412 to $265 is labeled as Wave (4), and there is a clear Reverse Divergence pattern @RSI, which supports this view.
In worst case scenario, price might go back to $240, but this would be interpreted as a buying opportunity within the uptrend.
In worst case scenario, price might go back to $240, but this would be interpreted as a buying opportunity within the uptrend.
