Here’s a refined analysis of the 4-hour chart using Elliott Wave Theory:
The chart exhibits an impulsive bullish movement that began at 1984. The first wave (Wave 1) culminated at 2194. This was followed by a correction to the 0.236 Fibonacci retracement level at 2147, marking the end of Wave 2.
The subsequent upward trend formed Wave 3, which concluded at the 1.272 Fibonacci expansion level of 2430. After this peak, the chart underwent an A-B-C correction, with Wave 4 terminating at the 0.5 Fibonacci level of 2280—this level was determined by measuring the trough of Wave 2 and the peak of Wave 3.
Currently, the chart is progressing through Wave 5, which has the potential to ascend to 2485. There is also a possibility for further elevation to 2540 and 2612, corresponding to the 1.272 and 1.618 Fibonacci extension levels, respectively.
Here’s the summary in a cleaner format:
Start of Bullish Move: 1984
Wave 1 Peak: 2194
Wave 2 Retracement: 2147 (0.236 Fibonacci level)
Wave 3 Peak: 2430 (1.272 Fibonacci expansion)
Wave 4 Trough: 2280 (0.5 Fibonacci level)
Potential Wave 5 Targets: 2485, 2540, 2612 (1.272 and 1.618 Fibonacci extensions)
This analysis suggests that the current trend is in a strong bullish phase, with Wave 5 having the potential to reach significant Fibonacci extension levels. Keep an eye on these targets for potential resistance points.
The chart exhibits an impulsive bullish movement that began at 1984. The first wave (Wave 1) culminated at 2194. This was followed by a correction to the 0.236 Fibonacci retracement level at 2147, marking the end of Wave 2.
The subsequent upward trend formed Wave 3, which concluded at the 1.272 Fibonacci expansion level of 2430. After this peak, the chart underwent an A-B-C correction, with Wave 4 terminating at the 0.5 Fibonacci level of 2280—this level was determined by measuring the trough of Wave 2 and the peak of Wave 3.
Currently, the chart is progressing through Wave 5, which has the potential to ascend to 2485. There is also a possibility for further elevation to 2540 and 2612, corresponding to the 1.272 and 1.618 Fibonacci extension levels, respectively.
Here’s the summary in a cleaner format:
Start of Bullish Move: 1984
Wave 1 Peak: 2194
Wave 2 Retracement: 2147 (0.236 Fibonacci level)
Wave 3 Peak: 2430 (1.272 Fibonacci expansion)
Wave 4 Trough: 2280 (0.5 Fibonacci level)
Potential Wave 5 Targets: 2485, 2540, 2612 (1.272 and 1.618 Fibonacci extensions)
This analysis suggests that the current trend is in a strong bullish phase, with Wave 5 having the potential to reach significant Fibonacci extension levels. Keep an eye on these targets for potential resistance points.