Looking at the price movement of the latest bullish move, we can see that the movement can be divided into waves from the Elliot wave theory. We can see that the bullish move has made a five wave structure that follows the Elliot wave rules. Now the price has made a significant bearish move, which can be identified as an A leg in an ABC corrective structure. Waiting for the formation of the B leg and then another steep bearish move in the form of the C leg.
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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.