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It is clear that we are in a corrective structure within a larger wave on the daily chart, and I will break down the waves as they appear on the four-hour chart:
✅ Previous waves:
1. The major wave 3 ended near the peak of $2738.
2. Then we entered a potential complex correction in the form of wave 4, which is likely in the form of ABC:
• Wave A ended at ~$2460
• Wave B rebounded towards ~$2660
• The downward wave C is now nearing completion, and we are approaching its potential bottom.
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✅ Where are we now?
• Currently, we are at the end of wave C of wave four (4C).
• Wave C appears to be five-wave (5 internal waves) and is now either:
• at the end of the internal fifth wave of C, or
• Wave C ended at the last candle (it can be confirmed soon if a strong reversal candle appears).
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🔮 The next expected wave (on the four-hour chart):
• If this scenario is correct, the next wave is:
Wave 1 of the major fifth wave (5-1), and this will be an upward impulsive wave.
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🎯 Upcoming upward targets (on the 4-hour chart):
1. $2480 - $2510: First resistance (could be the start of a small wave 1).
2. $2555 - $2590: Potential target for wave 3 of 5.
3. $2730: Retesting the previous peak.
4. $2850 - $2920: Potential final target for the complete wave 5.
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⚠️ Important alerts:
• ✅ If a bullish engulfing candle or reversal pattern (Hammer / Bullish Engulfing) appears on the four-hour chart, it will be an excellent entry signal for short-term traders.
• ❌ If the price breaks the level of $2430, there is a possibility that the correction will extend to deeper levels like $2200.
• Watch the RSI on the four-hour chart: Any rebound from 40 or upward crossover will be supportive