ARB USDC LONGMarket Structure & Wave Count
You've marked out a completed Elliott 5-wave structure to the downside:
Wave (5) seems to have ended right at a strong OB (Order Block) + FVG (Fair Value Gap) zone.
This confluence suggests a potential reversal or relief rally.
📈 Trendlines & Resistance
A major descending trendline is still intact, which could act as dynamic resistance.
The price is currently testing that trendline and the EMA 50, making this a critical point for bulls to break through.
📊 Indicators
RSI is around 54, showing recovery from oversold territory. Not overbought yet, so there’s room for more upside.
Momentum is starting to shift upward, confirming the potential end of the bearish impulse.
🟪 Key Levels to Watch
Support zone: 0.2914 – OB + FVG demand area held well.
Resistance levels:
0.3209: First local resistance.
0.3356**: Higher target zone.
