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Is this the breakout we have all been waiting for? Probably not.

Just a quick update on how the Mayfair Team is thinking as we enter a new week of moving sideways.

It always pays to move out a level to get the bigger picture, which is why we are looking at a daily chart.

The corrective downtrend Elliott Wave 4. is real. Don't ignore it. The question is, did we already see the 4? Not for us. More downside to follow. Why? Because if we have entered wave 5 we're expecting some stronger impulsive behaviour than we are getting presently. Look at the Weis Wave profile compared with the other circled areas:

Volumes are unimpressive also. Once the big guys get involved, then we'll change our minds. Till then we still see another move down.

There is a confluence of bearish factors around 36000, the top of the channel, and the centre point of the flat structure pictured. Only if we see this impulsively broken will we consider switching the overall bias from bearish.

It's easy to get carried away but moves that are ultimately short-term. Don't forget that Wave 4 has evolved to confuse you, mug you, kick you in the nuts and steal your wallet. Don't be surprised if it does it. Read some of my partner Mayfair_Ventures material, get the picture...