The analysis is quite straightforward. We are currently looking at a global Wave 1-2 structure based on Elliott Wave Theory. Price has now retraced into the 0.618 - 0.707 Fibonacci zone, also known as the Golden Pocket — a high probability reversal area.
But the confluence doesn’t stop there. RSI is sitting at extremely oversold levels, while volume indicators show a clear appearance of smart money accumulation.
From my perspective, this is the area where risk/reward becomes heavily attractive for long positions. If this count remains valid, Wave 3 could target the $175 region in the coming expansion phase.
Patience was required during correction. Now the market is finally entering the interesting zone.
But the confluence doesn’t stop there. RSI is sitting at extremely oversold levels, while volume indicators show a clear appearance of smart money accumulation.
From my perspective, this is the area where risk/reward becomes heavily attractive for long positions. If this count remains valid, Wave 3 could target the $175 region in the coming expansion phase.
Patience was required during correction. Now the market is finally entering the interesting zone.
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.