PENGU still has room!?If you find this information inspiring/helpful, please consider a boost and follow! Any questions or comments, please leave a comment!
The move off the low looked like a clean, completed impulse—sharp, decisive, and well-structured. After that, we got a double zigzag retracement. It ran a bit deeper than the textbook version, but still landed right in the normal range you’d expect for a healthy correction. From there, we saw another smaller-degree impulse form off the .007 pivot, suggesting bullish momentum was building again.
Since the last update, PENGU has come a long way—more than doubling in price and now hovering around a most likely target for a wave 3. What’s notable is how it got there: not just by breaking above the 0.017 resistance, but by blowing through multiple base channels on solid momentum and healthy volume.
We didn’t get the ideal depth for a retrace for a wave 2 before that breakout, but that doesn’t disqualify the larger count. In fact, from an Elliott Wave perspective, I still believe we haven’t seen a proper wave 4 to balance out the earlier wave (2). So I’m holding off on calling a top to this wave 3 just yet.
Here’s what we’re watching closely now:
The secondary impulse off .007 continues to build structure
Ideally, the next pullback holds above the 0.027 or .022 region, signaling respect for previous support and AOIs
That pullback needs to unfold correctively, not impulsively, to confirm bullish continuation
The next trade setup I’m eyeing is that wave 4 into wave 5 move. I’ll be stalking this ticker closely as structure unfolds.
Trade safe.
Trade clarity.
