Looks like a symmetrical triangle pattern. Possible overthrow down, but it could also overthrow upwards depending on the market.
Rules and Guidelines for the Triangle:
-Wave A is a simple, double, or triple zigzag pattern, or a flat correction.
-Wave B is a simple, double, or triple zigzag pattern.
-Waves C and D can be any correction pattern, except a triangle.
-Waves ABC and D remain within or close to the triangle channel.
-The triangle is closed after wave E.
-The triangle lines converge; they cannot be parallel lines.
-One of the sides of the triangle can be a horizontal line.
-Wave E is a simple, double, or triple zigzag pattern, or a triangle.
-Wave E has a smaller price move than wave D, but it moves more than 20% of D.
-Either wave A or wave B has the biggest price move.
-Wave E ends in the range of wave A.
-Wave E ends within or close to the BD line.
Rules and Guidelines for the Triangle:
-Wave A is a simple, double, or triple zigzag pattern, or a flat correction.
-Wave B is a simple, double, or triple zigzag pattern.
-Waves C and D can be any correction pattern, except a triangle.
-Waves ABC and D remain within or close to the triangle channel.
-The triangle is closed after wave E.
-The triangle lines converge; they cannot be parallel lines.
-One of the sides of the triangle can be a horizontal line.
-Wave E is a simple, double, or triple zigzag pattern, or a triangle.
-Wave E has a smaller price move than wave D, but it moves more than 20% of D.
-Either wave A or wave B has the biggest price move.
-Wave E ends in the range of wave A.
-Wave E ends within or close to the BD line.
