Primary Impulse (Green): A clear 5-wave structure aligns with Elliott Wave principles, with wave 3 being the strongest. Wave 4 respects typical corrective behavior, staying within the channel.
Correction (Red): The ABC correction indicates a retracement phase, with wave B retracing but failing to break new highs, suggesting market consolidation.
Projection: Post-ABC correction, the chart suggests a continuation into a new bullish impulse wave, targeting higher levels around the 114k zone.
This wave count reflects a bullish scenario, but key support zones around 102k-108k need to hold for validation.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.