Elliot Wave Count and potential forecast.

We are currently setting up for a potential wave 1 of Elliot, considering we have just completed an ABCD pattern to the 50 Fib of the initial leg up which is in good confluence of a Support/resistance level. The ABCD moving off the SR level has in turn created what appears to be an inverse Head and Shoulders which when broken out of could indicate a continuation of its uptrend.