MICH is showing a potential bullish continuation setup following a breakout from an Elliott Wave triangle pattern. Price has successfully completed the breakout phase and is now retesting the former resistance area, which may act as new support in the context of Wave 4 development.
The retest is accompanied by a strong volume candle, indicating active participation from buyers and adding confidence to the validity of the breakout. If support continues to hold, the setup may provide an opportunity for the next impulsive advance in line with the Elliott Wave structure.
Entry Setup Factors:
• Breakout from an Elliott Wave triangle pattern
• Wave 4 retest of the breakout zone
• Former resistance acting as potential support
• High-volume candle confirms market participation
• Bullish continuation setup within the broader trend structure
The retest is accompanied by a strong volume candle, indicating active participation from buyers and adding confidence to the validity of the breakout. If support continues to hold, the setup may provide an opportunity for the next impulsive advance in line with the Elliott Wave structure.
Entry Setup Factors:
• Breakout from an Elliott Wave triangle pattern
• Wave 4 retest of the breakout zone
• Former resistance acting as potential support
• High-volume candle confirms market participation
• Bullish continuation setup within the broader trend structure
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.
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.