Elliot wave
According to Elliot wave theory, wave 4 should never cross the price area of wave 1. If my analysis is right, wave 4 should not go further than the 50% fibonacci level of wave 3. If the marked support zone is able to prevent price from crossing wave 1, then we have a valid long trade. There is also a possibility that price will not even get close to the support level before going up.
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