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BONK: Watching the Impulse Unfold
Looks like BONK may have bottomed at 887, where it kicked off what appears to be an impulsive move up.
The retrace that followed was suspicious—plenty of ways to count it depending on your lens—but price action eventually started hinting at a 12-12 or zigzag-style crossroad. That indecision resolved quickly once BONK cleared 1511, shifting the structure firmly back into bullish territory.
Now trading around 2242, the behavior is aligning with what you'd expect from a wave 3: strong momentum, vertical lift, and minimal resistance. It’s moving like a third wave should.
That said, there’s some heavy resistance sitting overhead at 2506, and it could stall or even reject price short-term. If it does, the next thing I’ll be watching is how price reacts—specifically looking for a clean wave 4 pullback and a final push into wave 5.
If we see that 4–5 structure play out at multiple degrees, it would go a long way toward confirming this whole move as a completed impulse off the low.
For now, this one stays on watch for the next setup.
Trade Safe!
Trade Clarity!
BONK: Watching the Impulse Unfold
Looks like BONK may have bottomed at 887, where it kicked off what appears to be an impulsive move up.
The retrace that followed was suspicious—plenty of ways to count it depending on your lens—but price action eventually started hinting at a 12-12 or zigzag-style crossroad. That indecision resolved quickly once BONK cleared 1511, shifting the structure firmly back into bullish territory.
Now trading around 2242, the behavior is aligning with what you'd expect from a wave 3: strong momentum, vertical lift, and minimal resistance. It’s moving like a third wave should.
That said, there’s some heavy resistance sitting overhead at 2506, and it could stall or even reject price short-term. If it does, the next thing I’ll be watching is how price reacts—specifically looking for a clean wave 4 pullback and a final push into wave 5.
If we see that 4–5 structure play out at multiple degrees, it would go a long way toward confirming this whole move as a completed impulse off the low.
For now, this one stays on watch for the next setup.
Trade Safe!
Trade Clarity!
More on the TradeDevils Discord discord.gg/p9bjnpwnMc
Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Related publications
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.
More on the TradeDevils Discord discord.gg/p9bjnpwnMc
Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Trade Devils University Sensei: tradedevils.com/my-account/?ref=ebquu4
Certified Elliott Wave Analyst Master: t.co/2GQ7uSjJVG?amp=1
Related publications
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.