I think the wave 3 has started and is in its nascent stage. It will only be recognised by traders when there is a sudden uptick. Also the volume contraction and volatility contraction is a confirmation that wave 2 had finished. I wish I could trade this setup but all my capital is in other trades right now. This is not a cup and handle formation as said in the title. I have to study a lot about cup and handle formations to analyse them correctly. I will be updating this post.