The small downward wedge broke to the upside only to be in a bigger downward wedge now. Price is also still stuck between the channel and the daily trendline. There are a couple of EW counts at this time where wave (a) is almost done or done already. How high wave (b) will go depends of when price will break the daily trendline. If it breaks while still in wave (a), wave (b) will be the restest of the trendline. If wave (a) finishes before breaking, wave (b) will go higher and wave (c) will break the daily trendline in a big move lower. A strong move down could happen on a news event like this weeks CPI (may 12th), FED talking about raising rates or tapering QE, or some other event.
