On the monthly timeframe, here鈥檚 my analysis based on Elliot Wave Theory and observable patterns:
Identifiable Pattern:
The chart appears to form a 5-wave Elliott Wave structure, consistent with a motive wave (impulse). This structure typically aligns with the principles of an overall bullish trend.
Wave Count (Elliott Wave Theory):
1. Wave 1:
The initial sharp rally (early price action).
Represents the first major bullish move.
2. Wave 2:
A corrective phase following Wave 1, marked by a sharp retracement to a support level.
Retraces but does not exceed the start of Wave 1.
3. Wave 3:
The strongest and longest rally, breaking previous resistance levels.
A sharp breakout confirms strong bullish momentum.
4. Wave 4:
A consolidation or pullback phase after Wave 3.
Does not overlap with Wave 1 (as per Elliott Wave rules).
5. Wave 5:
A final rally, potentially ongoing, with price aiming to exceed Wave 3鈥檚 high.
Potential Correction:
After the 5-wave pattern completes, an ABC corrective wave (3 waves) typically follows. This chart does not clearly show whether the ABC correction has fully formed yet, but there are hints of prior corrections between the waves.
Additional Observations:
Golden Ratio/ Fibonacci Levels: The pattern aligns closely with key Fibonacci retracement and extension levels, suggesting adherence to Elliott Wave principles.
Bullish Continuation: If the current price action completes Wave 5 and breaks key resistance levels, the broader uptrend could resume after a correction.
This chart shows a classic Elliott Wave structure and could suggest further bullish momentum if the pattern plays out as expected.
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