Primary Pattern: A contracting triangle within a larger corrective structure, likely wave 4.
Wave Count: A diagonal 5-wave impulse (i–v), followed by a WXY (X2) Z complex correction, suggesting wave 4 is still unfolding, possibly nearing completion.
Current Price: $0.83 with volume and SMA ribbon golden crosses showing bullish signal and near completion of accumulation phase.
Fibonacci Extension:
Targeting diagonal wave 5 at 261.8% extension from the base of wave 1 aligns with the projected target of $1.82, which matches the height of the triangle target. This also coincides with a +180% move from the possible upcoming wave Z or wave 2 —technically ambitious, but plausible if wave 5 kicks off with momentum.
Wave 4 Triangle Context:
The WXY(X2)Z structure implies a complex sideways correction which is typical of wave 4 behavior 1.6x - 2x wave 2 time extension
Key Support:
Entry: If X or 1 is nearing completion, and triangle support holds at key support MA20W Fibonacci 61.8%, the breakout into wave 5 could be explosive—especially with diagonal structure suggesting a leading diagonal pattern.
SL: Triangle Support is the last liquidity / smart money entry
Always trade with affordable risk and respect your stoploss!
Wave Count: A diagonal 5-wave impulse (i–v), followed by a WXY (X2) Z complex correction, suggesting wave 4 is still unfolding, possibly nearing completion.
Current Price: $0.83 with volume and SMA ribbon golden crosses showing bullish signal and near completion of accumulation phase.
Fibonacci Extension:
Targeting diagonal wave 5 at 261.8% extension from the base of wave 1 aligns with the projected target of $1.82, which matches the height of the triangle target. This also coincides with a +180% move from the possible upcoming wave Z or wave 2 —technically ambitious, but plausible if wave 5 kicks off with momentum.
Wave 4 Triangle Context:
The WXY(X2)Z structure implies a complex sideways correction which is typical of wave 4 behavior 1.6x - 2x wave 2 time extension
Key Support:
Entry: If X or 1 is nearing completion, and triangle support holds at key support MA20W Fibonacci 61.8%, the breakout into wave 5 could be explosive—especially with diagonal structure suggesting a leading diagonal pattern.
SL: Triangle Support is the last liquidity / smart money entry
Always trade with affordable risk and respect your stoploss!
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.
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.