Key Observations: Elliott Wave CountThe 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.