Technical analysis by SignalsProvider about Symbol TON: Sell recommendation (9/3/2024)

The TONUSDT 15-minute chart suggests a potential short setup based on the Elliott Wave analysis. The chart shows that the market has likely completed a five-wave structure (labeled 1 through 5) and is now in a corrective phase labeled as wave (a). The retracement levels for wave (b) are marked at the 0.375, 0.5, and 0.618 Fibonacci levels, corresponding to 5.199, 5.219, and 5.238, respectively. The projection for wave (c) is at the 0.618 extension level around 5.100, indicating a possible bearish continuation after the completion of wave (b).Traders might consider short positions targeting the 5.100 level if the wave (b) correction is completed and wave (c) begins to unfold, as per the Elliott Wave theory.