IZRL Elliott Wave technical analysis [Video]

IZRL (1D) Elliott Wave technical analysis

Details:

• A sharp rally in wave 2 is currently underway in a combination structure.

• The $23.9000 level is identified as the key zone for the correction’s end and potential reversal.

• After wave 2 completes, the next move should push below the wave 1 low, forming five downward waves targeting the wave B of (B) bottom.

• If the rally surpasses the previous wave 1 high, the $21.5720 level may represent wave [iv] of an extending impulse.

Invalidation level: $25.4600

IZRL (1W) Elliott Wave technical analysis

• Function: Major Trend.

• Mode: Corrective.

• Structure: Zigzag.

• Position: Wave 2.

• Direction: Decline.

Details:

• Wave (C) orange is currently active and is expected to fully retrace wave (B).

• The decline should consist of five waves and be less complex than wave (A).

• A break below the corrective channel’s lower boundary will confirm the end of wave (B).

• Zigzag confirmation comes with a break below the $15.1500 level.

Invalidation Level: $25.4600

Conclusion & Strategy Notes:

• IZRL remains in a broader declining trend.

• Wave 2 is expected to finish around the 61.8% retracement level, followed by a decline below the wave 1 low at $21.5720.

• Awaiting the completion of the wave 2 correction presents a strategic opportunity for long entries.

• Traders should monitor Elliott Wave rules closely and respect invalidation levels to avoid unnecessary risk.

Technical Analyst: Siinom.

IZRL (1W) Elliott Wave technical analysis [Video]