An Elliot Wave Analysis of the BNB Correction

1 thg 3, 2022

BNB failed to break its all-time high price last November 7, 2021, which triggered its correction. The 5-wave counts of the last leg C of the ABC correction were completed in the recent dip at 323.5. This last wave is a 0.786 Fibonacci retracement bounce of the 2nd wave of the macro 3rd wave of BNB. Currently, BNB is making the 2nd wave of the 3rd wave of the macro 3rd wave. I may retrace as low as 370-390 with an invalidation price at 355. As you can see in the chart, the linear parallel trend was already broken. I am expecting a retracement soon I just hope it will not reach the invalidation price of the bullish scenario. If trend breakout is successful a 970-1064 price pump of the 3rd wave macro projection is possible.

Again, just like in my previous post I am bullish unless my technical analysis gets invalidated.