The chart shows a completed five-wave impulse structure, labeled from (1) to (5).
The final wave (5) has ended, with sub-waves i, ii, iii, iv, v marked within it.
This suggests that the impulsive bullish trend is over.
Bearish Reversal Indicated:
There is a strong downward movement after wave (5), confirming a possible trend reversal.
Potential Targets for the Decline:
Price has already begun declining from around $3,110.
The first major support areas could be around $2,900–$2,800, based on previous price action.
Deeper corrections could bring the price toward $2,600–$2,500.
Key Levels to Watch:
Resistance: The previous high near $3,160 is critical. If the price breaks above, the bearish scenario might be invalidated.
Support: Watch $3,000 as a psychological level. A break below would confirm further downside.
Conclusion:
The chart signals a potential correction after a strong uptrend.
The bearish wave count suggests a move lower toward key support zones.
Traders should watch for confirmation with momentum indicators and volume.
The final wave (5) has ended, with sub-waves i, ii, iii, iv, v marked within it.
This suggests that the impulsive bullish trend is over.
Bearish Reversal Indicated:
There is a strong downward movement after wave (5), confirming a possible trend reversal.
Potential Targets for the Decline:
Price has already begun declining from around $3,110.
The first major support areas could be around $2,900–$2,800, based on previous price action.
Deeper corrections could bring the price toward $2,600–$2,500.
Key Levels to Watch:
Resistance: The previous high near $3,160 is critical. If the price breaks above, the bearish scenario might be invalidated.
Support: Watch $3,000 as a psychological level. A break below would confirm further downside.
Conclusion:
The chart signals a potential correction after a strong uptrend.
The bearish wave count suggests a move lower toward key support zones.
Traders should watch for confirmation with momentum indicators and volume.
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.