Timeframe: Daily
The price, originating from a significant low of 0.5607, has initiated a corrective structure known as A-B-C. During this process, the Average True Range (ATR) has been on the rise alongside the price. Additionally, the Average Directional Index (ADX) has shown an upward trend since the inception of wave C, reaching a notable level of 28.33.
Wave ((A)) exhibits a flat structure, while wave ((B)) has formed another flat structure with an underlying diagonal at wave (C). Currently, wave (C) is in the process of formation. The price has reached a 100% extension of wave ((a)) at 0.5876. If the price breaks out at 0.5876, traders can trade for an extended wave ((C)) with the following target: 0.5978 – 0.6037 – 0.6112+. We can change the wave count into impulse after the confirmation. Otherwise we should be ready for the fall after the completion of wave ((c)).
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