IZRL Elliott Wave technical analysis [Video]
|IZRL (1D) Elliott Wave technical analysis
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Function: Major Trend (Minor Degree - Grey).
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Mode: Motive.
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Structure: Impulse.
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Position: Wave 2.
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Direction: Decline.
Details:
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A sharp rally in wave 2 is currently underway in a combination structure.
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The $23.9000 level is identified as the key zone for the correction’s end and potential reversal.
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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.
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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
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Function: Major Trend.
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Mode: Corrective.
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Structure: Zigzag.
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Position: Wave 2.
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Direction: Decline.
Details:
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Wave (C) orange is currently active and is expected to fully retrace wave (B).
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The decline should consist of five waves and be less complex than wave (A).
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A break below the corrective channel’s lower boundary will confirm the end of wave (B).
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Zigzag confirmation comes with a break below the $15.1500 level.
Invalidation Level: $25.4600
Conclusion & Strategy Notes:
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IZRL remains in a broader declining trend.
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Wave 2 is expected to finish around the 61.8% retracement level, followed by a decline below the wave 1 low at $21.5720.
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Awaiting the completion of the wave 2 correction presents a strategic opportunity for long entries.
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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]
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