After finishing a complex corrective structure, Bonk (BONK/USD) begins a fresh bullish cycle. Elliott Wave analysis points to further upside as wave III unfolds.
Bonk (BONK/USD), one of the notable meme coins in the crypto space, is showing signs of a fresh bullish cycle following the completion of a complex corrective structure. The weekly chart reveals a textbook Elliott Wave setup, with a clear progression from wave I to wave II, and now the beginning of a new impulsive rally.
After the strong rally that completed wave I, BONK entered a prolonged correction in wave II, which unfolded as a ABC structure. This correction appears to have bottomed out around the 0.000026727 level. Holding this level keeps the bullish structure intact.
The recent market movement suggests that wave ((1)) of the larger wave III may already be in progress. Subwave (3) is showing strong upward momentum. This rally could extend toward the 100% to 161.8% Fibonacci extension zone of wave (1). That target range lies between 0.000033672 and 0.000065632. Once price reaches this zone, wave (iv) will likely trigger a corrective pullback. This would set the stage for wave (5) to continue the move higher.
This impulsive sequence, if it continues to respect the Elliott Wave structure, could signal a strong rally ahead. BONK may be preparing to revisit and potentially break its all-time highs. The chart also displays a “We Do Not Recommend Selling” tag, indicating that the trend remains to the upside, and shorting is not favored.
Conclusion:
In conclusion, BONK has completed a significant corrective phase and has entered a new bullish cycle. As long as the price remains above the key support at 0.00000179, the outlook stays positive. Investors and traders should look for long setups on corrective dips, particularly after wave ((2)) ends above the low of II which is 0.000026727. BONK remains bullish both structurally and sentimentally.
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