I am not a fan of complexity. And as you can see, the internal structure of EOS looks very choppy. Unpredictable!
The nature of this correction looks like some sort of irregular flat pattern. (Which has an elongated B wave)
This shows that market wants to head in the direction of B, which is up.
However, as long as it remains restricted within the channel, we can call it corrective. I am expecting a 5 swing move down or at least a 3 wave to counter it. Volume and other technical indicators also did not support the breakout. Be cautious.
High volume breakout from the channel should invalidate this.
The nature of this correction looks like some sort of irregular flat pattern. (Which has an elongated B wave)
This shows that market wants to head in the direction of B, which is up.
However, as long as it remains restricted within the channel, we can call it corrective. I am expecting a 5 swing move down or at least a 3 wave to counter it. Volume and other technical indicators also did not support the breakout. Be cautious.
High volume breakout from the channel should invalidate this.
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Here is how it looks on the daily :
