ALCX poised for a move up to the next level

Dec 16, 2023

The image shows a chart with an Elliott Wave pattern applied to the price data of ALCX/USDT on a daily timeframe from a Binance chart. The Elliott Wave pattern consists of a five-wave structure, with three impulse waves (1, 3, 5) that move in the direction of the trend and two corrective waves (2, 4) that move against it. In the image, waves 1, 2, and 3 have been completed, with wave 3 showing a strong rise. Wave 4 appears to be a corrective phase, and the chart suggests that a fifth wave is projected to reach a target of 1.618 times the length of wave 1 (indicated as "1.618 (27.22)"). This is a common Fibonacci extension target for a wave 5. The pattern is overlaid with trend lines that form a converging wedge or triangle, indicating the consolidation and breakout points.