JASMY chart appears to be completing an initial five-wave struct
The JASMY chart appears to be completing an initial five-wave structure from its lows set in December 2022, a pattern that aligns with Elliott Wave Theory. This pattern suggests the current move is a primary impulsive wave, indicative of the start of a larger trend or a significant counter-trend rally.
Current Situation:
• Fifth Wave Target: The ongoing fifth wave is expected to reach the $0.70-$1.00 region, marking the conclusion of this impulsive phase.
• Corrective Phase Expectations: Following the completion of the fifth wave, a sizeable correction is anticipated, potentially retracing to the Fibonacci levels:
• 38.2% retracement: Around $0.25.
• 61.8% retracement: Around $0.10, depending on where the fifth wave ends.
Key Considerations:
• If the fifth wave demonstrates strength, it could overshoot expectations, possibly invalidating this range.
• The subsequent correction would likely align with standard corrective patterns (zigzag, flat, or triangle), providing entry opportunities for long-term positions.
Current Situation:
• Fifth Wave Target: The ongoing fifth wave is expected to reach the $0.70-$1.00 region, marking the conclusion of this impulsive phase.
• Corrective Phase Expectations: Following the completion of the fifth wave, a sizeable correction is anticipated, potentially retracing to the Fibonacci levels:
• 38.2% retracement: Around $0.25.
• 61.8% retracement: Around $0.10, depending on where the fifth wave ends.
Key Considerations:
• If the fifth wave demonstrates strength, it could overshoot expectations, possibly invalidating this range.
• The subsequent correction would likely align with standard corrective patterns (zigzag, flat, or triangle), providing entry opportunities for long-term positions.
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