🚀 $BONK is following a 5-wave Elliott Wave pattern on the 30-minute chart, suggesting that a Wave 5 breakout could be in play.
📊 Step 1: Understanding the Elliott Wave Structure
Elliott Wave Theory consists of five impulse waves, and BONK appears to be following this pattern:
1️⃣ Wave 1: Initial bullish surge, setting up the trend.
2️⃣ Wave 2: Corrective pullback, establishing the first retracement.
3️⃣ Wave 3: The strongest wave, showing a significant uptrend.
4️⃣ Wave 4: A smaller pullback, often before the final breakout.
5️⃣ Wave 5: The final bullish push, where traders watch for trend exhaustion or continuation.
📍 Currently, BONK is starting Wave 5, which could lead to new highs!
🔍 Step 2: Key Levels & Fibonacci Extensions
🪙 Wave 5 Targets:
1334 (1.0 Fib Extension) → First upside target.
1463 (1.618 Fib Extension) → If momentum is strong, this could be the extended Wave 5 peak.
📉 Support Levels: Holding this zone(1200) is crucial for keeping the Elliott Wave structure valid.
Break below this level could invalidate Wave 5, leading to further correction.
🎯 Step 3: Bullish vs Bearish Scenarios
✅ Bullish Case (Wave 5 Confirmation): A strong breakout above 1254 confirms the bullish setup.
If volume increases, Wave 5 could reach 1334 - 1463.
Traders looking to ride the wave can enter on a confirmed breakout with stop-loss below 1200.
❌ Bearish Case (Invalidation of Wave 5): If price fails to break 1254 and drops below 1200, it could signal the end of the impulse wave.
A break below this level could send price into a corrective ABC wave pattern, leading to lower support zones.
📌 Step 4: Trading Strategy & Risk Management
🔹 Entry Point: Buy on a breakout above 1254 with strong volume confirmation.
🔹 Stop-Loss: Below 1200 to manage downside risk.
🔹 Profit Targets: 1275 , 1300 , 1340 , 1400
#BONK is at a critical moment—if it holds structure, we could see a Wave 5 breakout soon. However, failure to maintain support could shift momentum to a correction phase.