Elliot Wave Theory : Exploring Both Bullish and Bearish Short-Term Scenarios

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Using Elliot Wave theory, two short-term scenarios are currently playing out on the charts, offering potential bullish and bearish outcomes.

Bullish Scenario :

- The corrective wave ABC (in orange) is potentially complete, and the next wave 3 (in green) is expected to push prices higher, targeting the 71k range.

- There may be a final push higher within wave 1, with potential targets between 64,106k and 66,020k.

- If a pullback occurs, wave 2 could find support between 61,682k and 59,882k. Breaking below 59,882k would invalidate this bullish outlook, shifting focus to the bearish scenario.

Bearish Scenario :

- Since September 24, a correction has been forming following the uptrend that started on September 6.

- The WXY correction (in white) is ongoing, with wave A bottoming at 58,900k, and wave B potentially extending higher.

- If wave B tops, wave C is expected to bring prices down to the red support area, ranging between 59,500k and 55,500k. A break below 59,880k would confirm the continuation of the bearish trend.

Conclusion :

Elliot Wave analysis presents both bullish and bearish short-term possibilities. The bullish scenario targets the 71k area, while the bearish outlook suggests a potential dip toward the 55,500k range.

Advice :

Traders should keep a close watch on the 59,880k support level. A break below this point may confirm the bearish scenario, while holding above it could sustain the bullish momentum.