Elliott Wave Analysis:
The chart shows a Elliott Wave count, maintaining the ascending channel structure. Here's the detailed interpretation:
Wave 1 (W1):
The initial impulsive move upward, establishing the
#bullish #trend .
This wave sets the foundation for the larger five-wave structure.
Wave 2 (W2):
A corrective wave, retracing part of Wave 1.
The retracement respects the Fibonacci levels (not explicitly shown here but likely aligning with 0.5 or 0.618 levels).
Wave 3 (W3):
A strong, extended impulsive wave.
In this chart, Wave 3 is approximately 3 times Wave 1 (as marked), indicating strong bullish momentum.
This wave also breaches mid-channel resistance, confirming strength.
Wave 4 (W4):
A corrective phase following Wave 3’s strong rally.
The correction has formed a clear cup-like consolidation, respecting the channel’s support and suggesting preparation for the next upward move.
Wave 5 (W5):
The projected final wave, anticipated to break above key resistance levels.
Based on the projection, Wave 5 could target the $125,110 level or beyond, aligning with the upper boundary of the ascending channel.
Scenarios to Consider:
Bullish Case:
A breakout above $99,563 confirms the start of Wave 5, targeting $107,166, $108,364, and ultimately $125,110 or higher. Strong volume during the breakout would reinforce confidence in the continuation of the uptrend.
Bearish Case:
A
#Breakdown below $94,364 could lead to further retracement, testing $91,236 or the lower channel boundary near $85,465. This would likely delay the start of Wave 5 but may still respect the long-term channel.
------You can analyze more 👇------