The price action seems to be at the start of wave 5 out of the Elliott wave analysis.
The 200-month appears to be acting as major support.
The conflux of the 200-day and 200-week, which is close to the 23.6% Fibonacci retracement level might act as a key indicator of upside price potential.
Wave 5 begins after the completion of Wave 4, which is a corrective wave. Wave 4 typically ends without moving into the price territory of Wave 1, adhering to one of Elliott's key rules.
Wabe 5 is often driven by a strong sense of euphoria or "herd mentality" among investors. It is a period where the prevailing trend is embraced by the majority, sometimes ignoring underlying fundamentals.
The 200-month appears to be acting as major support.
The conflux of the 200-day and 200-week, which is close to the 23.6% Fibonacci retracement level might act as a key indicator of upside price potential.
Wave 5 begins after the completion of Wave 4, which is a corrective wave. Wave 4 typically ends without moving into the price territory of Wave 1, adhering to one of Elliott's key rules.
Wabe 5 is often driven by a strong sense of euphoria or "herd mentality" among investors. It is a period where the prevailing trend is embraced by the majority, sometimes ignoring underlying fundamentals.
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إخلاء المسؤولية
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