────────────────────────────────────────────────────────────────────────────
📉Technical Analysis
• Current general trend: Bearish within a clear bearish price channel.
• Price is currently touching the lower border of the channel.
• There is a strong supply area between 4,990 – 5,050.
• Clear demand area 4,780 – 4,720.
• A break above 4,880 will open the way to 4,750 and 4,700.

────────────────────────────────────────────────────────────────────────────
🌊 Wave Analysis (Elliott)

Possible situations:
• We are in the midst of a bearish ABC correction.
• The C wave is not completely complete.
• C extension may target 4,780 – 4,720 (end of channel).
• If the channel breaks upward → we consider it the beginning of a new impulse wave.

────────────────────────────────────────────────────────────────────────────
⏳ Time Analysis
• Movement in the canal continued several times.
• Typically this pattern requires an additional 1-2 hour candle to complete to test the bottom.
• If a strong reversal candle forms at 4,850-4,800, this will be an important reversal opportunity.

────────────────────────────────────────────────────────────────────────────
🔢 Numerical Analysis (Fibonacci)
• 0.618 Fibonacci, which is approximately 4,919 (mentioned in the chart).
• A break above 0.618 confirms weak momentum.
• The 1.272 wave extension target is approximately 4,780.
• 1,618 stretch goal of 4,720.

────────────────────────────────────────────────────────────────────────────
📊 Price Action
• Clear lower highs.
• Lower the lows.
• No bullish structural breakout has occurred yet.
• We need an hourly close above 5,020 for a change in price action.

────────────────────────────────────────────────────────────────────────────
📌Support

4,880
4,820
4,780
4,720
4,646 (strong axial)

────────────────────────────────────────────────────────────────────────────
📌 Resistor

4,990
5,050 people
5,200
5,300

────────────────────────────────────────────────────────────────────────────
🎯Recommended
As long as the price is above 4885, the trend is up
Target 4905-4912-4917-4937-4947-4957-4962-4980

Source link