WIF/USD * Daily TF EWP TC FIB AnalysisAnalysis 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.
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