$PI– Elliott Wave Cycle in Focus

#Pi Network is unfolding a Elliott Wave 5-wave impulse structure on the 1-hour chart, signaling a strong uptrend with clear phases of expansion and correction.

Here’s the breakdown:

Wave (1) to (5) shows a full impulsive move, with wave (5) topping near $0.9893—marking a potential short-term high.

The price has now started a correction phase (wave a), which typically follows a 5-wave impulse.

Key Fibonacci retracement levels to watch 👀

0.382 retracement: $0.8797 (minor support)

0.5 retracement: $0.8459 (medium confluence zone)

0.618 retracement: $0.8121 (golden pocket & stronger demand area)

These levels could serve as bullish re-entry zones if price stabilizes and volume confirms strength. This structure remains valid unless we break below wave (4)'s base, which would invalidate the bullish sequence.

If the correction finds support and holds, the next impulsive move (wave C or new wave set) could push us to fresh highs.