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

1️⃣ Fibonacci Targets for Wave C CompletionWave 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 ZonesIf 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 ConfirmationBullish Reversal ConditionsFor 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 FactorsFailure 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 UnlikelyA 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.