Technical analysis by WaveFibs about Symbol OM on 2/6/2025

📈 OM/USDT Technical Analysis1️⃣ Price Trend 📊✅ OM/USDT has been in a strong uptrend, reaching new highs.✅ The price is currently near a key resistance zone, marked by Fibonacci levels (see the provided chart).✅ Elliott Wave count suggests the final leg of an impulse wave (Wave 5), indicating a possible local top soon.2️⃣ Volume Analysis 📊📉📌 Trading volume has seen periodic spikes, indicating strong interest from traders.📌 Increased volume on green candles suggests that buyers are still in control.📌 A sudden drop in volume while the price is rising may indicate buyer exhaustion.3️⃣ MACD Analysis 📉📈🔵 MACD is above the signal line, which is a bullish signal.🔴 A continued divergence between MACD and price could be a warning sign for a potential correction.⚠️ If MACD starts flattening or turning downward, a reversal could be imminent.4️⃣ RSI Analysis 📊📊 RSI is within the normal range, meaning there is no immediate overbought or oversold condition.🚀 A move above 70 RSI would indicate an overbought market, increasing the risk of a pullback.🔻 A drop below 50 RSI would signal weakening momentum.📌 Conclusion & Trade Plan🐂 Bullish Scenario (Breakout)✅ If OM/USDT breaks above key Fibonacci resistance levels, it could continue toward 8.20 USDT or even 10.02 USDT.🐻 Bearish Scenario (Pullback)⚠️ If price fails to break resistance and MACD starts declining, we could see a retracement toward 6.77 USDT or even 6.33 USDT.Key Levels to Watch 🔍🔹 Support: 6.77 USDT, 6.33 USDT🔹 Resistance: 8.20 USDT, 10.02 USDT🌀 Elliott Wave Analysis for OM/USDT🔍 Wave Structure Overview📌 The current Elliott Wave count suggests that OM/USDT is in the final impulse wave (Wave 5).📌 This means that the price is nearing a potential peak before entering a corrective ABC pattern.📌 The market has seen a strong upward trend, aligning with Fibonacci extensions.🌀 Key Observations📊 Wave 1-2-3-4-5 Structure✅ The price action has followed a classic 5-wave Elliott structure, with Wave 3 being the strongest.✅ Wave 4 was a retracement, creating a higher low before Wave 5.🎯 Wave 5 Target Levels (Fibonacci Extensions)🔹 6.77 USDT - This is the 1.0 extension level, which has already been tested.🔹 8.20 USDT - The 1.236 Fibonacci extension, a potential target if bullish momentum continues.🔹 10.02 USDT - The 0.618 extension, marking an extreme target if the wave extends further.🛑 Potential Correction (ABC Structure Incoming?)⚠️ If Wave 5 completes, we should expect a corrective ABC wave to form.⚠️ The key support levels for this correction are 6.33 USDT (0.382 retracement) and 5.80 USDT.🎯 Trading Strategy📈 Bullish Scenario 🚀✅ If price breaks 8.20 USDT, it can extend to 10.02 USDT.✅ Momentum traders should look for volume confirmation before entering.📉 Bearish Scenario ⚠️⚠️ If rejection happens around current resistance, a pullback to 6.77 USDT - 6.33 USDT is likely.⚠️ If MACD starts weakening, it could signal the beginning of an ABC correction.🔥 Final Takeaway 🔥✅ OM/USDT is in a strong Elliott Wave 5 uptrend with a potential target of 8.20 - 10.02 USDT.✅ If momentum weakens, an ABC correction could follow, pulling price back toward 6.33 USDT.✅ Traders should monitor MACD, RSI, and volume behavior to anticipate the next move.📉 Short Opportunity Coming Soon! 🚨🔴 OM/USDT is nearing the final stages of Wave 5, which signals a high probability of a short opportunity in the coming days.🔴 Key indicators like MACD, RSI, and Volume suggest that bullish momentum may be weakening.🔴 If the price fails to break above 8.20 USDT and MACD starts turning downward, a sharp correction (ABC pattern) could follow.