Synthetix (SNXUSD) at major support: Potential reversal zone ahead

Gregor Horvat Wavetraders

Synthetix (SNXUSD) could still be completing the final subwave (C) of wave Y within a larger and more complex W-X-Y corrective decline on the weekly chart. The current 0.20–0.15 support zone, near the 78.6% Fibonacci retracement, could act as a potential reversal area. Price is currently testing the lower channel support, while wave Y has reached a level where it equals wave W. However, support is not confirmed yet, and it could take even more time. We would need to see a sharp impulsive recovery back above the channel resistance near the 1.0 level to suggest that a bottom may be forming. Stronger bullish confirmation comes only above the 2.6 area.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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