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πΉ Price has completed a textbook 5-wave impulsive decline from the top of wave (B), forming a clean wave 1 down.
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π» The move unfolded within a well-defined descending channel, showing consistent Elliott Wave behavior.
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π The recent low marks a potential wave 5 of 1, right at channel support β a strategic zone for a wave 2 corrective bounce.
Elliott Wave analysis of the EUR/GBP market on the 4-hour timeframe.
Wave B marks the end of a corrective phase, where the price moved downward in a corrective wave structure.
Impulse move upwards: After reaching Wave B, the price started a strong upward move, potentially confirming the beginning of Wave C.
πΉ Wave 2 nearing completion, with a potential bottom forming around 112 USDT (invalidation level).
πΉ Bullish confirmation needed for a long-term rally towards new highs.
πΉ Breakout above key resistance would confirm Wave 3 uptrend.
π Next target: 300+ USDT if bullish wave structure holds.