A key for the above chart to define the horizontal lines and dots. For further explanation, see this link:
higher time frame achieved the 50% projection of the most recent seed wave.
Now a matter of watching how the current move is digested following the 2c-2d-1a breakout on the daily
Some comparable examples of this setup in the past; strong momentum coming out of the 2c-2d criteria breakout:
First thing we'd like to see is the faster time frame fast line and slow line of 3/10macd to catch up to one another, being cautious of any XYZ zig-zag waves forming.
We would also like to see the Daily chart 3/10macd to retain a fast line > slow line criteria
More recently we had a similar setup to start the year. Being that price is quite stretched at this point it would make sense to pull in or catch up to the daily 20-period moving average. Such a scenario would likely open up a buyable entry and it would be what follows that will determine continuation or further correction.