In a sign of just how over-extended this upside push has been, consider this rising wedge on the 60-min chart. It’s not proof of an impending swoon, but put into context of our other charts, it sure has that feel.
As clean and simple as was the channel down from 1422 to 1266, the channel back up has been a mess. I’ve redrawn it hundreds of times, as it continues to morph without rhyme or reason. I sometimes peruse the Elliott Wave blogs out there, and I can see that many of them have also grown frustrated in trying to assign a legitimate wave count to this mess.
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