Elliott Wave Count - Impulsive Phase
Wave (1): Begins from the breakout in mid-2023, this early-stage portrays institutional accumulation.
Wave (2): A sharp corrective retracement—likely a zig-zag—testing the conviction of early entrants.
Wave (3): The strongest and most extended wave, characterized by increased volume and price acceleration (a classic signature of a third wave).
Wave (4): A complex sideways correction that found support near a previous resistance-turned-support zone.
Wave (5): Final leg up, shows signs of weakening momentum and potential exhaustion—divergences can likely be spotted on RSI or MACD.
Elliot Wave Correction Wave Phase
Wave (A): Initial sell-off that breaks the parabolic uptrend line—often fast and steep.
Wave (B): A deceptive bounce that retraces some of Wave A but typically lacks conviction.
Wave (C): A final capitulation leg, often equal or larger than Wave A in depth—projected to target RM0.69 area.
Chart pattern possible formation: Head & shoulders formation, with the neckline sitting approximately at RM0.69. This pattern often aligns with Wave C's completion and acts as a major structural pivot.
Wave (1): Begins from the breakout in mid-2023, this early-stage portrays institutional accumulation.
Wave (2): A sharp corrective retracement—likely a zig-zag—testing the conviction of early entrants.
Wave (3): The strongest and most extended wave, characterized by increased volume and price acceleration (a classic signature of a third wave).
Wave (4): A complex sideways correction that found support near a previous resistance-turned-support zone.
Wave (5): Final leg up, shows signs of weakening momentum and potential exhaustion—divergences can likely be spotted on RSI or MACD.
Elliot Wave Correction Wave Phase
Wave (A): Initial sell-off that breaks the parabolic uptrend line—often fast and steep.
Wave (B): A deceptive bounce that retraces some of Wave A but typically lacks conviction.
Wave (C): A final capitulation leg, often equal or larger than Wave A in depth—projected to target RM0.69 area.
Chart pattern possible formation: Head & shoulders formation, with the neckline sitting approximately at RM0.69. This pattern often aligns with Wave C's completion and acts as a major structural pivot.
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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.