Technical analysis by Blockbullder about Symbol TON: Sell recommendation (9/15/2024)

TON/USD – Bearish Continuation with Elliott Wave & Head and Shoulders SetupToncoin has completed a Wave B as part of an ongoing A-B-C correction in the Elliott Wave structure. We are now entering Wave C, targeting a .618 Fibonacci level around $2.81. This level coincides with a previous high retest, adding further confluence to the idea of a potential bottom there.Additionally, a Head and Shoulders pattern has formed, with the head peaking in May 2024 and a lower right shoulder forming around July/August 2024. The neckline sits around $5.00, and a confirmed breakdown below this level could accelerate the move toward the $2.81 target, completing Wave C.Key Levels:•Current Price: $5.61•Neckline: $5.00•Wave C Target: $2.81 (50% drop)Both the Elliott Wave and the Head and Shoulders pattern suggest further downside, with $2.81 acting as a critical support zone. A break of the neckline could signal more selling pressure. Keep an eye on price action near $5.00 for confirmation.