INJ
Elliott Wave count shows that a five-wave impulse structure (i–v) has been completed to the upside. Wave i and iii developed strongly, with wave iii being the extended leg, and wave v marking the final push higher. After this completion, the market is now likely entering a corrective phase, forming an A–B–C pattern. The invalidation level is marked at $16.954 — if price breaks above this level, the bearish outlook would be invalidated and a different wave count would be required. On the downside, a break below the $11.919 bearish level would confirm the start of a deeper correction. Based on Fibonacci retracement zones, the corrective target area is projected between $11.485 and $9.152. This suggests that while the uptrend has shown strength, the immediate expectation is for a corrective decline before any potential resumption of trend.
Elliott Wave count shows that a five-wave impulse structure (i–v) has been completed to the upside. Wave i and iii developed strongly, with wave iii being the extended leg, and wave v marking the final push higher. After this completion, the market is now likely entering a corrective phase, forming an A–B–C pattern. The invalidation level is marked at $16.954 — if price breaks above this level, the bearish outlook would be invalidated and a different wave count would be required. On the downside, a break below the $11.919 bearish level would confirm the start of a deeper correction. Based on Fibonacci retracement zones, the corrective target area is projected between $11.485 and $9.152. This suggests that while the uptrend has shown strength, the immediate expectation is for a corrective decline before any potential resumption of trend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.