KITACON - Looking for potential price targetN wave with E, V, N & NT projection.
Price is above the Kumo, suggesting bullish sentiment, though the cloud is still thin, indicating some level of uncertainty.
The price is slightly above Tenkan-Sen, suggesting short-term bullish momentum.
Chikou-Span positioned above the price, further confirming bullishness.
Wave Structure: We see the classical A-B-C correction pattern completing around point (C), and the price has started moving upwards towards the NT level (0.775). If the price can successfully break and close above 0.775, it would likely confirm the next wave towards the N (0.845), V (0.860), and E (0.915) levels.
52-week high: 0.785, a key resistance level to monitor.
A potential entry can be taken once the price breaks above the NT level of 0.775, confirming bullish continuation.
Stop-Loss: Below the recent low around 0.740, providing a good risk-to-reward ratio.
Given the bullish signs from the Ichimoku indicators and the N wave projection, a breakout above NT (0.775) could indicate further upside movement. However, watch for a rejection at this level, which may result in price consolidation or a pullback.
Note:
1. Analysis for education purposes only.
2. Trade at your own risk.
