Potential Wolfe wave in play here. Target is yellow box by the time of the orange line.
Technicals:
Pattern formation matches schematic.
Bullish divergence on RSI, indicating the bearish move may be slowing down.
BBWP at lows.
Significant engulfing on decent volume, especially for the weekend. Yellow capitulation signal indicates it may have been a bear trap below the uptrending channel.
Volume signature on a lower TF:
This is not financial advise, and always DYOR.
Nota
Noticeable rejection on 63.5k resistance. Continue with caution.
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