IZRL Elliott Wave technical analysis [Video]

Peter Mathers TradingLounge

IZRL (1D) Elliott Wave technical analysis

Function: Major Trend (Minor Degree - Grey).
Mode: Motive.
Structure: Impulse.
Position: Wave 2.
Direction: Decline.

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]

Author

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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