Odds are good i we continue to consolidate inside this descending channel(in green) that we will find support when once the 1 day 50ma (in orange) converges with the bottom trendline of the channel around 55944-56k or once it enters inside the channel. So my guess is the bottom of the handle will be around that 55.9-56k range. Of course it could also do a bear trap wick below the channel too before bouncing back up to close the body of the candle inside the channel for it’s last correction before more upside. Either way we should probably know within the next few days.
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I also expect the target of this cup and handle to be hit much quicker than this dotted yellow measured move line suggests.
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We’ve now closed one daily candle above the yellow rimline. Let’s see what the follow up candle does.