Neblio (NEBL): If Correction Bottom is Finished, Price Needs to Breakout of Triangle Pattern

SUMMARY

Neblio (NEBL) is still within the confines of the contracting lines of the triangle. It's best labeled with abcde (red) and the C wave is either complete or is very close to. The prior five wave impulse had wave 5 a bit extended and thus far, retracement has been to the 0.78 level.

Closer look shows that the abcde have pretty much completed all the subwaves. Recall that the triangle is labeled with abcde and each is comosed of a three wave; hence, 3,3,3,3,3. This leaves only one more action remaining to ignite the trend reversal and that's a breakout. Price needs to breach the upper white triangle line and do so in an impulse motive. Let's see how the day's price action play out.

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