BNB has sprung back to life in 3rd wave style! From the March low, we have a clear 5 wave pattern up to complete intermediate wave (1). The big, intermediate wave (2) correction is labeled as complete. It retraced a little over 50% of the total gains off the March lows.
The recent move is labeled to complete the first leg up (minor wave 1) in a developing 3rd wave of intermediate degree. If the outlook is correct, we should be in a general uptrend over the next several months. BNB is now in the middle of a minor pullback in minor wave 2.
This is an exciting chart. The volume matches the narrative perfectly, as does the price action. Looks like a big spike in selling as remaining weak hands capitulated at the bottom of (2), followed by a huge influx of optimistic dip-buyers to blow through the previous high.
Let’s zoom in:
Pretty clear 5 waves up. Zig-zag for the wave 2 (deep correction), and a 4th wave triangle (sideways correction). Wave a has traveled far enough it may be complete, and the b-wave is a clear 3-wave upward move. Favoring that we are headed a little lower in wave c. Wave c and a will be equal length at $27.61.
I’m targeting $26.80 on the high end (38.2% retracement clustered with prior 4th wave support), and $23.42 on the low end, coinciding with previous support/resistance and the 61.8% retracement level.
This should be one to watch in the coming weeks.
Happy Trading!