2 Elliot Wave Cycle candidate

1st Cycle – Completed

Impulse Waves: (1) → (5)

Corrective Waves: A → B → C

Classic wave symmetry with post-correction breakout

2nd Cycle – In Progress

Wave (1) and (2) formed strong base

Wave (3) extended sharply, ends at 607

Wave (4) correction expected near 390

Wave (5) projected target: 830+

Analyst Learning Takeaways

Wave 3 typically shows strongest momentum—confirmed here with a sharp rally to 607

Wave 4 often retraces 38–50% of Wave 3, making 390 a logical support zone

Wave 5 tends to mirror Wave 1 or exceed it if sentiment and volume align

Analyst View The current wave structure suggests a healthy impulsive cycle with textbook symmetry. Wave 3 has shown strong directional conviction, and the expected Wave 4 correction toward 390 aligns with Fibonacci retracement norms. If price stabilizes above 390, it confirms buyer strength and sets the stage for Wave 5. The projected target of 830+ is based on proportional extension logic and prior cycle behavior. This setup resembles the 2014 rally, where a similar Wave 4 held and led to a breakout. Traders should monitor volume and sentiment near 390—any breakdown below this level would invalidate the bullish continuation and call for reassessment.