Breaking down EWT's recent price movement through a technical lens reveals some interesting patterns worth monitoring.

On the daily timeframe, MACD momentum is showing classic behavior—the largest momentum spikes typically manifest during wave 3 rallies, and we're observing this dynamic play out currently.

Looking at logarithmic Fibonacci levels, wave 3 completions most frequently target the 1.618 extension. That's where traders should be watching for potential resistance or continuation signals.

The leading diagonal structure is particularly noteworthy here. The recent pullback has decisively broken below the prior support level, which shifts the technical picture. This breach could signal either consolidation before the next leg up or warrant closer attention to key support zones below.

For traders tracking EWT, these three technical layers—momentum confirmation, Fibonacci targets, and pattern structure—paint a nuanced picture of where price might head next. The interplay between these signals should guide your positioning and risk management as this unfolds.