Alikze »» TAO | Ascending corner pattern - 1D
2024-10-16

🔍 Technical analysis:  Ascending corner pattern - 1D 

- In the analysis presented in the  previous post , in the 4H time frame according to the direction of movement, after the short-term ascending channel was broken, a correction was encountered, which continued until the correction range of $217.

  

- Demand was met in the range of $217, which has continued its growth by forming a return pattern up to the range of $690.

- Currently in the supply zone, it has formed a bullish angle pattern.

- Therefore, I expect that after breaking from the bottom in the range of $500, it will face demand again and complete the 5-wave cycle up to the ceiling of the channel.

💎 Alternative scenario:  
In addition, if the pattern breaks and there is no support in the range of $500, the correction can extend to the green box. 
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