This can be part of another corrective wave like an ABC, synced with an eventual ABCD pattern, to then sink again, and in that case we can sell the structure ("channel") breakout.
OR it can be the start of wave 3 of a 5 of an impulse, that will send the price to go test the previous structure "channel" from weekly chart. - you can also zoom out on daily ;) to check that.
iMPULSE LEG:
Wave 2 = 61.8% of wave 1 (Prices usually do not retrace more than 61.8% of the wave one gains; Can never exceed the start of wave 1); wave 3 = 161% ext of wave 1 (can never be the shortest impulse wave); wave 4 = 38.2% of wave 3 (can never overlap wave 1 [i.e., cross into the same price area]); wave 5 = wave 1
CORRECTiON:
Wave A = usually around the 50%/61.8% of wave 5 Wave B = Usually 50% of Wave A and Should not exceed 75% of wave A Wave C = Wave A (AB=CD) 161% ext Wave A 262% ext Wave A