EGLD: Is There a Chance for Another Rally? Elliott Wave AnalysisEGLD / MultiversX: We saw a five-wave decline into the support area back in September 2023. Since then, the price has struggled to rally impulsively and has largely failed to participate in the broader bullish market. While it's still holding long-term support at $13.35, which is a positive sign, the short-term structure doesn't provide much confidence for an imminent upside reversal.
A recovery bounce is due, but for any meaningful rally to take shape, we need to see a break above $25.55. That would be the first indication that a low might be in. However, from there, we’d have to analyze the structure closely to determine whether it aligns with the yellow scenario or the more bearish orange scenario.
At this stage, there are no clear patterns suggesting a move to all-time highs. The white scenario remains speculative and is not the preferred view, though it's still valid, which is why it remains on the chart. Between yellow and orange, I remain neutral for now. The short-term trend is still down, and until $25.55 is broken, there's no confirmation of a low being in place.
