ASML Pullback Could Be Part of a Larger Fourth-Wave Triangle

ASML has made a very nice pullback recently, but notice that price is still trapped in a broad sideways range between the $1,530 and $2,000 areas. This could possibly be a fourth-wave triangle, especially if we continue to see slow and overlapping price action between these key levels. A breakout to new highs is still anticipated, but it may take a bit longer before this move develops. The first support to watch is around $1,600. Below $1,534, there could be room for a deeper correction toward the unfilled gap around $1,309, which is also an important area for potential stabilization near the previous fourth wave.

Highlights:

• ASML could be forming a fourth-wave triangle between $1,530 and $2,000.
• The first important support is around $1,600.
• A break below $1,534 could open room toward the unfilled gap near $1,309.
• The bullish outlook remains in play while the larger support structure holds, with new highs still possible later on.