$IP has successfully completed a 5-wave Elliott wave structure on the 15-minute chart, reaching a local high of 5.84

Now, the market is likely to enter a corrective phase (Wave A/B/C or Wave 2 retracement) before the next potential move.


🔍 Understanding the Elliott Wave Structure:

The chart shows a classic 5-wave impulse move, where:

Wave 1: Initial bullish impulse.

Wave 2: Corrective pullback.

Wave 3: Strongest bullish push.

Wave 4: Consolidation phase.

Wave 5: Final push to 5.84, signaling the end of the impulse wave.


Now, we expect a retracement before the next trend decision.

📉 Key Fibonacci Retracement Levels:

As per Fibonacci theory, price usually corrects within the following zones before resuming momentum:

5.60 (38.2% Fib) – First potential bounce zone.

5.54 (50% Fib) – A deeper but healthy retracement level.

5.48 (61.8% Fib) – The golden retracement zone; strong support here could confirm the next bullish wave.


📈 Potential Scenarios:

1️⃣ Bullish Case: If price holds above 5.54 - 5.48, we could see a Wave 2 pullback followed by the start of a Wave 3 rally, aiming for higher highs beyond 5.84.

A bounce from Fib levels with strong volume would signal that bulls are stepping in.


2️⃣ Bearish Case: A breakdown below 5.48 could signal a deeper correction, potentially invalidating the Elliott wave structure.

A failure to reclaim 5.60 after a pullback could lead to further downside toward 5.40 - 5.30.


🎯 Trade Plan:

✅ Dip buyers: Look for entries around 5.54 - 5.48 with stop-loss below 5.45.
✅ Breakout traders: Watch for a strong bounce and a move back above 5.75 for confirmation of bullish continuation.
✅ Risk management: A breakdown below 5.45 could signal more downside, so plan accordingly.

#IP is at a crucial point— Watch these levels closely! 👀