LLOYDSME continues to trade within a broader bullish structure after the strong extended wave 3 rally from the 1120 region to the recent high near 1888. Since then, price has entered a corrective phase, with the current structure taking the shape of a contracting triangle, suggesting that the market is consolidating rather than reversing the larger trend.
The ongoing wave 4 correction appears to be developing through an A-B-C-D-E sequence, with support gradually rising from the lower boundary of the pattern. As long as the 1630 - 1670 region continues to hold, the broader bullish structure remains intact.
Triangle patterns often appear before the final leg of an impulsive move. If the current consolidation completes successfully, Lloyds Metals could begin wave 5 and attempt a breakout above the previous high near 1888, opening the door for further upside over the higher timeframe.
By BrightRally_Research
The ongoing wave 4 correction appears to be developing through an A-B-C-D-E sequence, with support gradually rising from the lower boundary of the pattern. As long as the 1630 - 1670 region continues to hold, the broader bullish structure remains intact.
Triangle patterns often appear before the final leg of an impulsive move. If the current consolidation completes successfully, Lloyds Metals could begin wave 5 and attempt a breakout above the previous high near 1888, opening the door for further upside over the higher timeframe.
By BrightRally_Research
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.