1. Market Structure Overview
Motive & Corrective Waves:
Wave (A) represents an impulsive 5-wave decline.
Wave (B) is a corrective A-B-C structure, forming an expanding triangle.
Wave (C) appears as an ending diagonal, terminating near the 61.8%-78.6% Fibonacci retracement level, signaling potential reversal
Triangle in Wave (B) (1992-2007) suggests a prolonged consolidation.
Wedge formation in Wave (C) indicates selling exhaustion, reinforcing reversal potential.
2. Current Market Outlook
Reversal Potential:
Price has reached a critical Fibonacci retracement support zone.
Ending diagonal completion aligns with a potential bullish reversal.
Bullish Projection:
If confirmed, price could target 2.5000 or higher in the long term.
3. Trading Strategy Considerations
Entry Strategy:
Look for bullish confirmation near the retracement zone (e.g., bullish engulfing candle, RSI divergence).
Risk Management:
Place a stop-loss below 1.1000 to mitigate risks.
Long-Term Target:
2.5000+ based on Elliott Wave projection.
Pro.ALLY MUGABO
Motive & Corrective Waves:
Wave (A) represents an impulsive 5-wave decline.
Wave (B) is a corrective A-B-C structure, forming an expanding triangle.
Wave (C) appears as an ending diagonal, terminating near the 61.8%-78.6% Fibonacci retracement level, signaling potential reversal
Triangle in Wave (B) (1992-2007) suggests a prolonged consolidation.
Wedge formation in Wave (C) indicates selling exhaustion, reinforcing reversal potential.
2. Current Market Outlook
Reversal Potential:
Price has reached a critical Fibonacci retracement support zone.
Ending diagonal completion aligns with a potential bullish reversal.
Bullish Projection:
If confirmed, price could target 2.5000 or higher in the long term.
3. Trading Strategy Considerations
Entry Strategy:
Look for bullish confirmation near the retracement zone (e.g., bullish engulfing candle, RSI divergence).
Risk Management:
Place a stop-loss below 1.1000 to mitigate risks.
Long-Term Target:
2.5000+ based on Elliott Wave projection.
Pro.ALLY MUGABO
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.
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.