Since the low of wave ii in orange, OIH has already managed some strong upwards moves, but so far, it could not successfully conquer the resistance at $276.85. However, we expect the ETF to climb above this mark soon to develop wave iii in orange. Afterward, the short counter movement of wave iv in orange should interrupt the ascent, before the following upwards step should lead to the top of wave 2 in turquoise. There is a 35% chance, though, that OIH could slip downwards and drop below the support at $250.69 instead.
