Analysis of WIF/USD Chart Using Elliott Wave Theory
1. Elliott Wave Count & Structure:
The chart follows a clear Elliott Wave multi zigzag structure.
The impulse wave peaked at around $4.86, marking a significant high.
The correction followed in a three-wave ABC structure, which seems to have found support at a key Fibonacci level (0.618 - 0.65 retracement).
2. Trend Channel & Key Support Levels:
A parallel trend channel is visible, where price has bounced off the lower boundary, indicating strong support. Key support zone around 55¢, which aligns with the lower boundary of the trend channel.
3. Potential Price Targets & Future Projections:
The bullish scenario suggests a Wave Y target above $30 (potentially $36).
The large green box in the upper right suggests a potential high-reward zone, likely driven by a new impulse wave (Wave Y).
4. RSI Indicator & Momentum Shift:
RSI was previously oversold but is now turning upwards, indicating potential momentum recovery. A break above the 50 RSI level would confirm bullish continuation.
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1. Elliott Wave Count & Structure:
The chart follows a clear Elliott Wave multi zigzag structure.
The impulse wave peaked at around $4.86, marking a significant high.
The correction followed in a three-wave ABC structure, which seems to have found support at a key Fibonacci level (0.618 - 0.65 retracement).
2. Trend Channel & Key Support Levels:
A parallel trend channel is visible, where price has bounced off the lower boundary, indicating strong support. Key support zone around 55¢, which aligns with the lower boundary of the trend channel.
3. Potential Price Targets & Future Projections:
The bullish scenario suggests a Wave Y target above $30 (potentially $36).
The large green box in the upper right suggests a potential high-reward zone, likely driven by a new impulse wave (Wave Y).
4. RSI Indicator & Momentum Shift:
RSI was previously oversold but is now turning upwards, indicating potential momentum recovery. A break above the 50 RSI level would confirm bullish continuation.
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In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.