Timeframe: 4h
ALGOUSD illustrates a clear Elliott Wave structure. After completing waves (1), (2), and a strong impulsive wave (3) topping at 0.33459, the price entered a corrective phase. This correction unfolded as an A-B-C structure within a descending channel, forming wave (4), which seems to be bottoming near the support zone around 0.21850. The corrective structure aligns well with typical wave behavior following a strong third wave.
With wave (4) nearing completion, the chart projects the start of wave (5), which is expected to push prices higher. This potential fifth wave could carry ALGOUSD toward fresh local highs, provided the support at the wave (4) low holds firm. Traders may look to buy with upside targets at 0.27477, 0.30800, and 0.33945. The setup becomes invalid if the price reverses and breaks below the wave (4).
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