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

📈 OM/USDT Technical Analysis 1️⃣ 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.