Wave Analysis (8H Timeframe):

• 🔹 Price has completed a textbook 5-wave impulsive decline from the top of wave (B), forming a clean wave 1 down.

• 🔻 The move unfolded within a well-defined descending channel, showing consistent Elliott Wave behavior.

• 📍 The recent low marks a potential wave 5 of 1, right at channel support — a strategic zone for a wave 2 corrective bounce.

Current Setup:

• ✅ A bullish push has started, potentially confirming the beginning of wave 2.

• 🔰 Risk-reward setup is favorable: stop-loss positioned below the recent low, with a sizable upside projected toward the 10,300–10,400 zone.

• 🧠 Remember: Wave 2 often retraces 50–61.8% of wave 1, so this zone aligns well with Fibonacci confluence.

📊 If confirmed, this could offer a great opportunity to catch the correction before wave 3 begins — which is typically the strongest wave in the sequence.