XCN follow closely an Elliott Wave structure, with a completed Wave 3 peak and a corrective Wave 4 forming within the important zone which serves as buyback zone. Price action suggests a rounded bottom pattern in the making, indicating potential accumulation before Wave 5 targets the major selloff zone.
Trendline support aligns with the secondary demand zone, reinforcing the bullish setup. Resistance levels are marked at key reaction points, with price currently consolidating after a strong impulse.
A sustained move above resistance could confirm the next leg up, while failure may lead to a deeper retracement towards the primary demand zone as shown on the chart.
Trendline support aligns with the secondary demand zone, reinforcing the bullish setup. Resistance levels are marked at key reaction points, with price currently consolidating after a strong impulse.
A sustained move above resistance could confirm the next leg up, while failure may lead to a deeper retracement towards the primary demand zone as shown on the chart.
Trade active
Great bounce from the demand area.
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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.