🔸 Wave Structure (Elliott Wave):
The chart appears to follow a 5-wave bullish impulse structure.
Current wave in play: Wave (5), projecting a continuation of the uptrend.
Wave (4) pullback seems to have held above the bullish structure trendline — a healthy sign.
Fibonacci Extensions:
1.618 Extension of Wave (1–3): ~1.2352 — primary positional target
1.27 Extension: ~1.1926 — initial profit booking zone
Current price: ~1.1357, indicating considerable upside potential.
RSI Divergence Analysis:
RSI is showing higher lows (bullish reversal signal from Wave 4).
No immediate bearish divergence is visible — confirming bullish continuation.
RSI value ~58.18: still in a neutral-to-bullish zone, not overbought.
Pattern Formation: Rounding Bottom
The structure is a classic rounding bottom, indicating accumulation and a potential long-term bullish reversal.
This pattern often signals the end of a downtrend and the start of a sustained uptrend.
Price has broken out of the rounding base and is forming higher highs and higher lows — a textbook bullish continuation sign.
Volume Analysis:
Slight increase in volume during Wave (3) rally, confirming institutional interest.
Healthy volume consolidation during Wave (4) — indicating potential re-accumulation before next move.
Entry Zone:
Current price (~1.1357) or on minor dips into 1.1300–1.1250 range
Enter in tranches to manage risk
Targets
T1 (Conservative) 1.1926 1.27 Fibonacci extension
T2 (Extended) 1.2352 1.618 Fibonacci + Wave (5) peak
Stop-Loss Zone:
Below Wave (4) low (around 1.1050) OR
Dynamic trailing SL using previous swing lows
The chart appears to follow a 5-wave bullish impulse structure.
Current wave in play: Wave (5), projecting a continuation of the uptrend.
Wave (4) pullback seems to have held above the bullish structure trendline — a healthy sign.
Fibonacci Extensions:
1.618 Extension of Wave (1–3): ~1.2352 — primary positional target
1.27 Extension: ~1.1926 — initial profit booking zone
Current price: ~1.1357, indicating considerable upside potential.
RSI Divergence Analysis:
RSI is showing higher lows (bullish reversal signal from Wave 4).
No immediate bearish divergence is visible — confirming bullish continuation.
RSI value ~58.18: still in a neutral-to-bullish zone, not overbought.
Pattern Formation: Rounding Bottom
The structure is a classic rounding bottom, indicating accumulation and a potential long-term bullish reversal.
This pattern often signals the end of a downtrend and the start of a sustained uptrend.
Price has broken out of the rounding base and is forming higher highs and higher lows — a textbook bullish continuation sign.
Volume Analysis:
Slight increase in volume during Wave (3) rally, confirming institutional interest.
Healthy volume consolidation during Wave (4) — indicating potential re-accumulation before next move.
Entry Zone:
Current price (~1.1357) or on minor dips into 1.1300–1.1250 range
Enter in tranches to manage risk
Targets
T1 (Conservative) 1.1926 1.27 Fibonacci extension
T2 (Extended) 1.2352 1.618 Fibonacci + Wave (5) peak
Stop-Loss Zone:
Below Wave (4) low (around 1.1050) OR
Dynamic trailing SL using previous swing lows
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.