Bonk Market Analysis – May 1, 2025
Current Status:
Bonk is undergoing a healthy pullback after completing a 3-wave move up from the April 7th low. The price action respected the 138% Fibonacci extension, signaling a potential Wave 3 top, with Wave 4 likely in progress now.
Technical Summary:
Wave Structure: 3-wave move completed, likely entering Wave 4.
Fibonacci Levels:
38.2% Retracement: 16952
50% Retracement: 15708
61.8% Critical Level: 14556 (break below invalidates this wave count)
Wave 5 Upside Targets:
First Target: 23998
Extended Target: 25946
Elliott Wave Insights:
Wave 4 correction may be sideways due to a sharp Wave 2 (alternation principle).
A bounce in a B-wave is likely forming now, with a final C-leg drop expected before a potential Wave 5 rally.
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Trade Setup
Entry Zones:
First Buy Zone (Support): 16952–15708
Aggressive Entry: If bounce from current B-leg confirms support holding
Targets:
Primary Target: 23998
Extended Target: 25946
Stop-Loss:
Invalidation Level: Below 14556 (key retracement support)
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Conclusion:
Bonk is structurally bullish under the Elliott Wave model, assuming Wave 4 holds above 14556. Watch for the next leg up toward 0.0023998 and 0.0025946 as Wave 5 plays out. Patience during consolidation is key.
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