Technical analysis by WaveFibs about Symbol WIF: Buy recommendation (2/4/2025)

1️⃣ Fibonacci Targets for Wave C Completion Wave C in an ABC correction typically extends to key Fibonacci levels derived from Wave A: 1.000 Fib Extension (~$2.851) → Most common Wave C completion target. 1.236 Fib Extension (~$4.049) → Stronger bearish momentum may push towards this level. 1.382 Fib Extension (~$5.031) → Overextended correction possibility. 1.618 Fib Extension (~$6.144) → Rare but possible deep Wave C completion. 📌 Interpretation: These levels represent potential Wave C termination zones where price might find support before transitioning into a new wave structure. 2️⃣ Fibonacci Retracement Levels for Wave C Support Zones If the downward correction deepens, these retracement levels act as critical support: 0.618 Fib Retracement (~$0.614) – First deep corrective support, price may attempt a bounce here. 1.236 Fib Retracement (~$0.723) – Key structure validation level, break below signals further downside. 1.382 Fib Retracement (~$0.579) – Final support zone before significant breakdown risk. 📌 Interpretation: A rebound from these levels would support Wave C completion, whereas failure to hold them could indicate prolonged bearish pressure. 3️⃣ Elliott Wave Structure & Wave C Confirmation Bullish Reversal Conditions For Wave C to complete and initiate a reversal, the following must happen: Price must break above the 1.000 Fib Extension ($2.851) to signal bullish intent. Volume confirmation: A significant increase in buying volume at key support levels. MACD bullish crossover on mid to high timeframes (1D/4H). Bearish Risk Factors Failure to hold $0.614 → Signals continued bearish control. MACD remains bearish → No confirmation of trend reversal. No breakout above $2.851 → Suggests deeper downside risk. 📌 Key Reversal Confirmation: ✅ Break above $2.851 → End of Wave C, potential trend shift. ❌ Close below $0.579 → Signals extended correction or potential new bearish trend. 4️⃣ Why Wave 5 is Unlikely A potential Wave 5 scenario would require: A break above $4.880 (prior resistance) to confirm a new bullish impulse. Strong volume and momentum continuation beyond $5.551, $8.43, and $15.347. 📌 Low Probability Factors for Wave 5: Lack of impulsive wave structure beyond Wave C extension. Price structure still following corrective ABC movement. No clear wave formation beyond the corrective phase. 🚨 Conclusion: Wave 5 is not highly likely unless a breakout above $4.880 occurs, triggering further impulse movement. 5️⃣ Conclusion & Trade Considerations ✅ Primary Scenario (Wave C Completion) Wave C Targets: $2.851, $4.049, $5.031, $6.144. Support Zones: $0.614, $0.723, $0.579. Reversal Confirmation: Break above $2.851 needed to validate end of correction. ❌ Low Probability Scenario (Wave 5) Invalid unless $4.880 breaks with volume. Target zones for Wave 5: $5.551, $8.43, $15.347. Failure to break key levels = no wave 5. 📌 Trade Strategy Considerations: Look for long entries near Wave C completion zones ($2.851 - $0.614). Monitor volume & RSI for bullish divergence before confirming trades. Avoid premature entries until clear reversal signs emerge.