Analysis of WIF/USD Chart Using Elliott Wave Theory
1. Elliott Wave Count & Structure:
The chart follows a clear Elliott Wave multi zigzag structure.
The impulse wave peaked at around $4.86, marking a significant high.
The correction followed in a three-wave ABC structure, which seems to have found support at a key Fibonacci level (0.618 - 0.65 retracement).
2. Trend Channel & Key Support Levels:
A parallel trend channel is visible, where price has bounced off the lower boundary, indicating strong support. Key support zone around 55¢, which aligns with the lower boundary of the trend channel.
3. Potential Price Targets & Future Projections:
The bullish scenario suggests a Wave Y target above $30 (potentially $36).
The large green box in the upper right suggests a potential high-reward zone, likely driven by a new impulse wave (Wave Y).
4. RSI Indicator & Momentum Shift:
RSI was previously oversold but is now turning upwards, indicating potential momentum recovery. A break above the 50 RSI level would confirm bullish continuation.
According to cryptonews.com : The biggest meme coin sensation in 2024!
Be careful with meme coins
So let you guide by BTC and VIX if you want to invest in this coin.
1. Elliott Wave Count & Structure:
The chart follows a clear Elliott Wave multi zigzag structure.
The impulse wave peaked at around $4.86, marking a significant high.
The correction followed in a three-wave ABC structure, which seems to have found support at a key Fibonacci level (0.618 - 0.65 retracement).
2. Trend Channel & Key Support Levels:
A parallel trend channel is visible, where price has bounced off the lower boundary, indicating strong support. Key support zone around 55¢, which aligns with the lower boundary of the trend channel.
3. Potential Price Targets & Future Projections:
The bullish scenario suggests a Wave Y target above $30 (potentially $36).
The large green box in the upper right suggests a potential high-reward zone, likely driven by a new impulse wave (Wave Y).
4. RSI Indicator & Momentum Shift:
RSI was previously oversold but is now turning upwards, indicating potential momentum recovery. A break above the 50 RSI level would confirm bullish continuation.
According to cryptonews.com : The biggest meme coin sensation in 2024!
Be careful with meme coins
So let you guide by BTC and VIX if you want to invest in this coin.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
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.
In technical analysis, several methods focus on higher timeframes to provide a broader, more reliable context for trading or investment decisions. Elliott Wave Principle generally considers historical higher timeframes as mandatory.
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.