Wave 3 bottoming at $95.73, and now we’re seeing the development of Wave 4 as a corrective bounce, here’s a refined breakdown:
🌀 Elliott Wave Structure Recap:
Wave 3 low: $95.73 (confirmed on the chart)
Wave 4: Currently unfolding, corrective in nature (likely an ABC or complex pattern)
Wave 4 target retracement zone (ideal):
🔸 38.2% retracement: ~$111.79
🔸 50% retracement: ~$116.75
🔸 61.8% retracement / extension zone: ~$121.72 (upper bound)
🧠 Wave 4 Expectations:
Wave 4 tends to be choppy and overlapping, not impulsive.
Often stalls inside the Ichimoku cloud, which we can see here — price is interacting with the lower part of the cloud.
A tag or rejection from within the $111.79–116.75 zone would be textbook.
🔭 What to Watch Next:
Bearish reversal candles inside the target zone = potential start of Wave 5
Break and hold above $121.72 = invalidation of simple Wave 4 (might be a complex correction or start of new impulse)
A full Wave 5 projection would ideally start once Wave 4 completes — we can project downward from there.
