Technical analysis by kofc about Symbol SUPER: Buy recommendation (10/1/2024)

According to Elliott Wave Theory, wave X in a WXY correction can sometimes form a triangle pattern, but this is rare. Wave X is usually a corrective wave, often taking the form of a zigzag, flat, or other complex correction. Triangles are usually expanding or contracting and usually appear when the market is in consolidation and expects a change in trend. Triangles are usually found in the final wave (such as wave B or wave 4). However, in complex corrections such as WXY, a triangle formation can sometimes occur within wave X, especially when wave X is in a consolidation phase. In a WXY correction, wave X usually represents the intermediate correction of the previous move, and a triangle formation may be suitable for this structure, but this situation requires careful analysis. In the current rally, the peak of X is considered a long (LONG) entry point. A rally towards wave C of the larger structure ABC is observed.