The purple projection suggests a powerful third-wave extension. Immediate resistance sits at the recent high of $0.7679$. Once breached, the primary upside targets are the Fibonacci extensions at $0.8546$ and $0.9071$.
We are currently transitioning from the accumulation phase to an impulsive phase:Wave (i) Completion: The first impulsive move peaked at $0.7679$.Wave (ii) Retracement: The price is now seeking a higher low. Key support levels to watch for the start of Wave (iii) are the 0.5 ($0.5857$) and 0.618 ($0.5427$) Fibonacci retracement levels.Bullish Confirmation: As long as the price holds above the $0.4035$ floor, the macro bullish structure remains intact.
The chart shows a classic Falling Wedge breakout. The corrective phase followed a complex WXYXZ pattern, reaching a definitive bottom at $0.4035$. This terminal (Z) point was confirmed by a strong Bullish RSI Divergence, where price action made a lower low while the momentum oscillator began trending upward.
We are currently transitioning from the accumulation phase to an impulsive phase:Wave (i) Completion: The first impulsive move peaked at $0.7679$.Wave (ii) Retracement: The price is now seeking a higher low. Key support levels to watch for the start of Wave (iii) are the 0.5 ($0.5857$) and 0.618 ($0.5427$) Fibonacci retracement levels.Bullish Confirmation: As long as the price holds above the $0.4035$ floor, the macro bullish structure remains intact.
The chart shows a classic Falling Wedge breakout. The corrective phase followed a complex WXYXZ pattern, reaching a definitive bottom at $0.4035$. This terminal (Z) point was confirmed by a strong Bullish RSI Divergence, where price action made a lower low while the momentum oscillator began trending upward.
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