What that left us on the 15 minute chart was a nearly textbook cup with handle formation:
- The bowl is nice and round
- High volume on the falling side of the bowl fell away on the rising side of it.
- If this pattern is confirmed (and I think we are 90-95% chance that it will based on the S+P just finishing the 5th of C) then the chart should a-b-c back down (that might already be complete or nearly so) and then take off for at least 4-5 points as shown in blue. In other words, $48 was wave 1 of the new bull run, a-b-c is a vee type wave 2 that will take it back to something north of $46, and then it will reverse up dramatically into wave 3 up probably hitting $50 or more in a very short time.
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