The chart displays a bullish impulse wave structure, with clear labeling of waves ① to ⑤ (sub-waves) and i to v (main impulse structure). Here's the breakdown:
🔹 Wave Structure
Wave ① and ②:
Wave ② retraced to around the 0.382 Fibonacci level (94,054), which is a healthy correction.
Wave ③:
A powerful rally exceeding wave ①.
Internally subdivided into 5 subwaves: (1)-(2)-(3)-(4)-(5), currently completing wave (4).
Wave iv:
Expected correction towards the trendline support zone (drawn in pink dotted line).
May complete near or above the previous wave (i) high, respecting Elliott Rule.
🔹 Fibonacci Extensions
1.618 extension at 113,930 for wave ③ seems accurate — a common target for wave ③.
Full Wave V target appears around 121,525, aligning with typical extensions (2.618+ of wave i).
🔹 Volume Analysis
Declining volume during the current correction (wave 4) supports the idea of a healthy pullback.
No excessive sell-off or distribution pattern seen.
🔹 RSI Indicator
RSI currently at 39, below its MA (63.55), indicating short-term weakness or wave 4 correction in play.
Oversold region not yet reached, suggesting room for a further drop before wave iv completes.
🟢 Summary
✅ Elliott Wave Count:
Clean and accurate 5-wave impulse structure is developing.
Currently in wave 4 correction, possibly moving into wave iv of Wave 3 or start of Wave 4 of the higher degree.
📉 Support Levels to Watch:
100,000–102,000 zone as a potential end of wave iv (confluence of trendline + prior resistance).
📈 Upside Targets:
113,930 (1.618 of wave i – ideal wave 3 top).
121,525 (likely wave v top).
📊 RSI Insight:
Correction underway; not yet oversold.
RSI confirmation around 30–35 with bullish divergence could validate wave iv bottom.
🔹 Wave Structure
Wave ① and ②:
Wave ② retraced to around the 0.382 Fibonacci level (94,054), which is a healthy correction.
Wave ③:
A powerful rally exceeding wave ①.
Internally subdivided into 5 subwaves: (1)-(2)-(3)-(4)-(5), currently completing wave (4).
Wave iv:
Expected correction towards the trendline support zone (drawn in pink dotted line).
May complete near or above the previous wave (i) high, respecting Elliott Rule.
🔹 Fibonacci Extensions
1.618 extension at 113,930 for wave ③ seems accurate — a common target for wave ③.
Full Wave V target appears around 121,525, aligning with typical extensions (2.618+ of wave i).
🔹 Volume Analysis
Declining volume during the current correction (wave 4) supports the idea of a healthy pullback.
No excessive sell-off or distribution pattern seen.
🔹 RSI Indicator
RSI currently at 39, below its MA (63.55), indicating short-term weakness or wave 4 correction in play.
Oversold region not yet reached, suggesting room for a further drop before wave iv completes.
🟢 Summary
✅ Elliott Wave Count:
Clean and accurate 5-wave impulse structure is developing.
Currently in wave 4 correction, possibly moving into wave iv of Wave 3 or start of Wave 4 of the higher degree.
📉 Support Levels to Watch:
100,000–102,000 zone as a potential end of wave iv (confluence of trendline + prior resistance).
📈 Upside Targets:
113,930 (1.618 of wave i – ideal wave 3 top).
121,525 (likely wave v top).
📊 RSI Insight:
Correction underway; not yet oversold.
RSI confirmation around 30–35 with bullish divergence could validate wave iv bottom.
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.