DOT / TetherUSLong
Polkadot Elliot Wave - Daily and Weekly
Updated
The analysis shows a completed 5-wave impulse, followed by an ongoing A-B-C correction. Key support at 7.500: a bounce here could trigger Wave 3, with ideal targets between 17.300 and 23.150 based on Fibonacci levels. Watch for volume and breakout confirmation!
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The support at 7.50 has not held, but the price appears to have bounced from the final possible retracement levels for Wave (2). Supporting this theory is the formation of a hammer candle, which could signal a potential reversal and the end of the corrective phase.
Looking ahead, the anticipated Wave (3) on the weekly timeframe is expected to contain an internal impulsive structure (12345) on the daily chart, as previously outlined. This aligns with the projected Fibonacci targets between 17.30 and 25.75, with an ideal target zone near 20.00.
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