Elliott Wave Analysis: BNBUSD Has An Unfinished Wave C

BINANCE:BNBUSD   Binance Coin / US Dollar (calculated by TradingView)
Hello Crypto traders!

Today we will talk about Binance Coin - BNBUSD, its price action from technical point of view and wave structure from Elliott Wave perspective.

BNBUSD is trading in a big A-B-C zig-zag correction from May 2021 highs and it looks to be unfinished. In May 2021 we saw sharp and impulsive decline, which should be labeled as a first leg A. From May till November 2021 we have seen a three-wave corrective rally in wave B and since November 2021 it's trading now in wave C.

Wave C is a motive wave and it should be completed by a five-wave cycle. If we consider that May 2021 lows is still open, then current sideways consolidation could be easily just as part of subwave (4) correction before we will see another sell-off for the final wave (5) of C towards 250-200 strong support zone .

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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Comment: As expected already back in March, BNBUSD is on the way towards 200 support level for wave (5) of C before we will see a bullish reversal.

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