A true Elliot wave almost always breaks whichever way the E point is going…in this case up.
However, that pattern is not 100% accurate because I am using wicks to complete the pattern. So it may be a false formation that resembles an Elliot wave…but looking at the orders on various sites, the current direction would appear to be up with a ton of support in the 200 sat range. It is going to break one way or another in the next 8-12 hours, I just don’t know how hard that break will be. If we go up, we should test 215 sats. But, I’m inclined to say we will go down because that is simply the trend right now…but that trend could reverse at any moment without warning.
All that said, I’d say 50/50 in this particular case…hope for the best, expect the worst.
Correction on the time frame for a break. It’s not 8-12 hours I was looking at the wrong time frames. We still have until the 30th in this particular triangle pattern…so we will see it do something by late morning Friday US Eastern time.