🔢 Elliott Wave Count
The waves are labeled (1) through (5), indicating the current move is within the 5th wave of a major impulsive cycle.
The third wave was the largest, which aligns with typical Elliott Wave behavior.
The fourth wave appears to have completed around 2022.
📊 Key Technical Levels
Major Resistance (~$3,500): The 5th wave is approaching a critical resistance zone, marked by the blue horizontal line near $3,500.
Support Zone (~$2,175): A strong support level from the 0.382 Fibonacci retracement is highlighted in orange. This could serve as a downside target if a correction occurs.
📈 Price Channels
There is a primary ascending channel that has guided price action since the 2015 low. The current price is testing the upper boundary of this channel — a classic signal of potential overextension.
A steeper internal channel has formed, indicating a sharp acceleration in bullish momentum over recent years.
The waves are labeled (1) through (5), indicating the current move is within the 5th wave of a major impulsive cycle.
The third wave was the largest, which aligns with typical Elliott Wave behavior.
The fourth wave appears to have completed around 2022.
📊 Key Technical Levels
Major Resistance (~$3,500): The 5th wave is approaching a critical resistance zone, marked by the blue horizontal line near $3,500.
Support Zone (~$2,175): A strong support level from the 0.382 Fibonacci retracement is highlighted in orange. This could serve as a downside target if a correction occurs.
📈 Price Channels
There is a primary ascending channel that has guided price action since the 2015 low. The current price is testing the upper boundary of this channel — a classic signal of potential overextension.
A steeper internal channel has formed, indicating a sharp acceleration in bullish momentum over recent years.
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.