The current price action of this symbol has been persistently trending up with little to no correction. The price movement fits what could be described by the Elliot wave theory.
Price is currently underway to completing the fifth minor wave wave of the current trend which is expected to end at 176.4-5 area. Further, the 176.4-5 zone seems to correspond with a trendline which started from April 2022. Further, the RSI is also indicating that price is overbought.
If the trendline holds as resistance, I expect price to correct to wave 4 of the major wave (point C) which is a price of about 168.
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Price is currently underway to completing the fifth minor wave wave of the current trend which is expected to end at 176.4-5 area. Further, the 176.4-5 zone seems to correspond with a trendline which started from April 2022. Further, the RSI is also indicating that price is overbought.
If the trendline holds as resistance, I expect price to correct to wave 4 of the major wave (point C) which is a price of about 168.
If you like this analysis or it is helpful to you in anyway, please like and follow me.