SUMMARY
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Bullish wedge patterns within a larger pattern is not a bad thing; but rather bullish. It's like packing double the punch into a waiting breakout. Note the chart below and how the two smaller downward wedge patterns are encased within the larger white one. Meanwhile, they outline the ABC corrective waves. Price has breached out of the upper white trend line but it's lack of surge is a missing point, thus far.
However, given how the MACD is just as clos as it can be to the apex; wave 1 of an impulse could either be complete or will be with a surge. Price needs to make higher highs for this breakout to become genuine. IF price goes sideways, more consolidation could be required; but that scenario is an alternate, for now.
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Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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