1️⃣ Fibonacci Targets for Wave C Completion
Wave C in an ABC correction typically extends to key Fibonacci levels derived from Wave A:
1.000 Fib Extension (~$2.851) → Most common Wave C completion target.
1.236 Fib Extension (~$4.049) → Stronger bearish momentum may push towards this level.
1.382 Fib Extension (~$5.031) → Overextended correction possibility.
1.618 Fib Extension (~$6.144) → Rare but possible deep Wave C completion.
📌 Interpretation: These levels represent potential Wave C termination zones where price might find support before transitioning into a new wave structure.
2️⃣ Fibonacci Retracement Levels for Wave C Support Zones
If the downward correction deepens, these retracement levels act as critical support:
0.618 Fib Retracement (~$0.614) – First deep corrective support, price may attempt a bounce here.
1.236 Fib Retracement (~$0.723) – Key structure validation level, break below signals further downside.
1.382 Fib Retracement (~$0.579) – Final support zone before significant breakdown risk.
📌 Interpretation: A rebound from these levels would support Wave C completion, whereas failure to hold them could indicate prolonged bearish pressure.
3️⃣ Elliott Wave Structure & Wave C Confirmation
Bullish Reversal Conditions
For Wave C to complete and initiate a reversal, the following must happen:
Price must break above the 1.000 Fib Extension ($2.851) to signal bullish intent.
Volume confirmation: A significant increase in buying volume at key support levels.
MACD bullish crossover on mid to high timeframes (1D/4H).
Bearish Risk Factors
Failure to hold $0.614 → Signals continued bearish control.
MACD remains bearish → No confirmation of trend reversal.
No breakout above $2.851 → Suggests deeper downside risk.
📌 Key Reversal Confirmation:
✅ Break above $2.851 → End of Wave C, potential trend shift.
❌ Close below $0.579 → Signals extended correction or potential new bearish trend.
4️⃣ Why Wave 5 is Unlikely
A potential Wave 5 scenario would require:
A break above $4.880 (prior resistance) to confirm a new bullish impulse.
Strong volume and momentum continuation beyond $5.551, $8.43, and $15.347.
📌 Low Probability Factors for Wave 5:
Lack of impulsive wave structure beyond Wave C extension.
Price structure still following corrective ABC movement.
No clear wave formation beyond the corrective phase.
🚨 Conclusion:
Wave 5 is not highly likely unless a breakout above $4.880 occurs, triggering further impulse movement.
5️⃣ Conclusion & Trade Considerations
✅ Primary Scenario (Wave C Completion)
Wave C Targets: $2.851, $4.049, $5.031, $6.144.
Support Zones: $0.614, $0.723, $0.579.
Reversal Confirmation: Break above $2.851 needed to validate end of correction.
❌ Low Probability Scenario (Wave 5)
Invalid unless $4.880 breaks with volume.
Target zones for Wave 5: $5.551, $8.43, $15.347.
Failure to break key levels = no wave 5.
📌 Trade Strategy Considerations:
Look for long entries near Wave C completion zones ($2.851 - $0.614).
Monitor volume & RSI for bullish divergence before confirming trades.
Avoid premature entries until clear reversal signs emerge.
Wave C in an ABC correction typically extends to key Fibonacci levels derived from Wave A:
1.000 Fib Extension (~$2.851) → Most common Wave C completion target.
1.236 Fib Extension (~$4.049) → Stronger bearish momentum may push towards this level.
1.382 Fib Extension (~$5.031) → Overextended correction possibility.
1.618 Fib Extension (~$6.144) → Rare but possible deep Wave C completion.
📌 Interpretation: These levels represent potential Wave C termination zones where price might find support before transitioning into a new wave structure.
2️⃣ Fibonacci Retracement Levels for Wave C Support Zones
If the downward correction deepens, these retracement levels act as critical support:
0.618 Fib Retracement (~$0.614) – First deep corrective support, price may attempt a bounce here.
1.236 Fib Retracement (~$0.723) – Key structure validation level, break below signals further downside.
1.382 Fib Retracement (~$0.579) – Final support zone before significant breakdown risk.
📌 Interpretation: A rebound from these levels would support Wave C completion, whereas failure to hold them could indicate prolonged bearish pressure.
3️⃣ Elliott Wave Structure & Wave C Confirmation
Bullish Reversal Conditions
For Wave C to complete and initiate a reversal, the following must happen:
Price must break above the 1.000 Fib Extension ($2.851) to signal bullish intent.
Volume confirmation: A significant increase in buying volume at key support levels.
MACD bullish crossover on mid to high timeframes (1D/4H).
Bearish Risk Factors
Failure to hold $0.614 → Signals continued bearish control.
MACD remains bearish → No confirmation of trend reversal.
No breakout above $2.851 → Suggests deeper downside risk.
📌 Key Reversal Confirmation:
✅ Break above $2.851 → End of Wave C, potential trend shift.
❌ Close below $0.579 → Signals extended correction or potential new bearish trend.
4️⃣ Why Wave 5 is Unlikely
A potential Wave 5 scenario would require:
A break above $4.880 (prior resistance) to confirm a new bullish impulse.
Strong volume and momentum continuation beyond $5.551, $8.43, and $15.347.
📌 Low Probability Factors for Wave 5:
Lack of impulsive wave structure beyond Wave C extension.
Price structure still following corrective ABC movement.
No clear wave formation beyond the corrective phase.
🚨 Conclusion:
Wave 5 is not highly likely unless a breakout above $4.880 occurs, triggering further impulse movement.
5️⃣ Conclusion & Trade Considerations
✅ Primary Scenario (Wave C Completion)
Wave C Targets: $2.851, $4.049, $5.031, $6.144.
Support Zones: $0.614, $0.723, $0.579.
Reversal Confirmation: Break above $2.851 needed to validate end of correction.
❌ Low Probability Scenario (Wave 5)
Invalid unless $4.880 breaks with volume.
Target zones for Wave 5: $5.551, $8.43, $15.347.
Failure to break key levels = no wave 5.
📌 Trade Strategy Considerations:
Look for long entries near Wave C completion zones ($2.851 - $0.614).
Monitor volume & RSI for bullish divergence before confirming trades.
Avoid premature entries until clear reversal signs emerge.
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.