GIFTO (GTO) Channeling Within Parallel Lines
GIFTO (GTO/USD) is moving well within the boundaries of a parallel line and has been since late December. Since then, it has had two cycles of vertical rises to the upper trend line, each followed by a lengthy and deep retracement. While the sideways action of the couple weeks is most likely consolidation, the lower support line needs to hold against any decisive downward breach.
The details of the subwaves shown that IF the ABC correction of current wedge profile is correct, then the blue wxyxz sideways action is likely to complete. Let's see how the bottoming plays out over the next day or so. Again, if price breaches the lower support line, we have a different scenario.
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