Price is correcting within a descending channel after the recent high near 24,790, with structure showing lower highs and controlled downside. The key level to watch is the support zone around 23,600 – 23,650, which aligns with the lower boundary of the channel. A dip into this area is likely, and how price reacts here will decide the next move. Immediate resistance stands near 24,261, and a move above this level is needed to shift short-term momentum.
From an Elliott Wave perspective, the correction looks like a WXY structure, with the current leg potentially completing wave (Y) near the support zone. If price holds 23,600 – 23,650 and breaks above the channel resistance, it can trigger a fresh impulsive move toward 24,790 and higher. However, a breakdown below this support would weaken the setup and open downside toward 23,200.
We will update further information soon.
BrightRally_Research
From an Elliott Wave perspective, the correction looks like a WXY structure, with the current leg potentially completing wave (Y) near the support zone. If price holds 23,600 – 23,650 and breaks above the channel resistance, it can trigger a fresh impulsive move toward 24,790 and higher. However, a breakdown below this support would weaken the setup and open downside toward 23,200.
We will update further information soon.
BrightRally_Research
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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.