The Chart Jumped out as a classic 5 Wave Chart from the Previous Swing High... Without reading all of the NYU Trading Books and EW RN Elliott and Prechter's EW update financial textbooks...

The Basic Rules of Elliott Waves establishing Trend Channels Lower, Clone to Upper and RMS Math Midpoint then applying the 9, 20, 50 and 200 Trader's Moving Averages (Above 200 Day Trending Up and Below 200 Day Trending Down) ... Then apply the Fibonacci Retracement Tool from the Swing High to Swing Low and EW will be mostly accurate when fit to the Fib levels. The hassle with EW is it is Fractal with many Degree Levels from sub micro to Super Millennial ...

Rather than read a full Text Book this link is detailed yet succinct and 99% accurate.

Complete guide on Elliott Wave Theory. Learn what is Elliott Wave Theory, its history, basic structures, and Fibonacci relationship between waves.

elliottwave-forecast.com

This XXII Chart being a 4 Year Wave 1 Swing High to Impulsing ABC Wave 3 Swing Low would be a Primary Degree Chart with Next Level Down Intermediate Waves i.e. the obvious ABC move down in the impulsing Wave 3 down trend the Good News is once Wave 5 Finishes above the 200 Day then the most likely move is a trend reversal in ABC up that can Morph into a larger 5 Wave up to new ATHs. Wave 2 was Congestive and Longer in Time and Wave 4 was impulsing and shorter in time respecting the Waves 2 and 4 rule of alternation.

Bottom Line is wherever Wave 5 Finishes down you will have an optimal long term HODL entry point for the Primary Degree Trend Reversal.

Valid Fibonacci Retracements and Extensions... for each wave and Fractal Degrees.

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HTH

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