🧠 Idea Description:
After a clear (A)-(B)-(C) corrective structure, price formed a solid bottom at 0.0354. Since then, the market entered a consolidation range and has now broken out to the upside.
According to Elliott Wave Theory, this breakout likely marks the beginning of an impulsive move. We're currently in wave (iii) or (v) of a new 5-wave structure.
🔍 Key Levels:
Support: 0.0354 (last low / invalidation point)
Resistance: 0.0443 (recent peak — breaking it confirms bullish continuation)
Target zones:
1.0 extension: 0.053
1.618 extension: 0.062
2.0 extension: 0.0669
2.618 extension: 0.0758
✅ Summary:
Price has exited a consolidation range and may be entering a bullish impulse wave. Watch for a confirmed break of 0.0443. Ideal area to target partial take-profits using Fibonacci extensions.
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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.