ONDO appears to be forming a triangle, with waves A-D as corrective 3 wave structures. If correct, the current move is the first leg of wave E (wave A of E)
The entire triangle can be counted as a potential Wave 4, which would imply a Wave 5 breakout once the pattern completes.
The measured move projects roughly 66 cents, which aligns well with common Elliott Wave 5 Fibonacci targets between 51-67 cents, creating a nice area of confluence.
⚠️ Please note:
*The polylines are not a representation of the exact future price path, only a visual guide to the expected structure.
*Invalidation levels are marked on the chart.
*Be aware of the red resistance Fibonacci levels (0.382-0.5), which sit inside the target zone and may provide significant resistance if price reaches that area.
*Each Fibonacci target also aligns with major support levels from the 2024-2025 trading range. What was once support often becomes resistance on the way back up.
As always, let the market confirm the setup before assuming the breakout is guaranteed. A completed triangle doesn't guarantee a Wave 5 but it's one of the more common outcomes if the count remains valid.
The entire triangle can be counted as a potential Wave 4, which would imply a Wave 5 breakout once the pattern completes.
The measured move projects roughly 66 cents, which aligns well with common Elliott Wave 5 Fibonacci targets between 51-67 cents, creating a nice area of confluence.
⚠️ Please note:
*The polylines are not a representation of the exact future price path, only a visual guide to the expected structure.
*Invalidation levels are marked on the chart.
*Be aware of the red resistance Fibonacci levels (0.382-0.5), which sit inside the target zone and may provide significant resistance if price reaches that area.
*Each Fibonacci target also aligns with major support levels from the 2024-2025 trading range. What was once support often becomes resistance on the way back up.
As always, let the market confirm the setup before assuming the breakout is guaranteed. A completed triangle doesn't guarantee a Wave 5 but it's one of the more common outcomes if the count remains valid.
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This particular idea is invalidated now as price broke below Wave C.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.