$MATIC has recently broken above the trend line and initial resistance, two critical signals that were closely monitored. The trend line breakout, marked by multiple touchpoints, is a significant setup. However, for a bullish Elliott wave count to be confirmed, the market needs to form a five-wave move up from the lows. A potential low was established on August 5th, but further proof is required, with a minimum target of $1.38 and ideally $1.618. An alternative yellow wave count suggests a possible ABC structure in wave four, potentially leading to another low. Support zones are likely to form, providing trading opportunities, while the larger resistance zone lies between $0.567 and $0.779, with structural resistance at $0.5657.
Trading Call for #MATIC :
- Buy Price (BP): $0.523
- Target Price (TP): $0.567
- Stop Loss (SL): $0.500
This setup aims to capitalize on the potential support zone forming around the current price with a target towards the lower half of the larger resistance area. The stop loss is placed slightly below recent support to manage risk.