The Trust Layer for Market Analysts

The analysis focuses on Internet Computer (ICP) on the 4-hour chart, identifying a significant recovery from its all-time low around $1.50, demonstrating a 500% increase to the $9.70 level. The current market structure is interpreted through Elliott Wave principles, suggesting the completion of an impulse wave where an orange wave 3 reached ideal Fibonacci targets, specifically the 138% extension around $9.772. The market is currently undergoing a correction, potentially forming an orange wave 4. Key micro support for this wave 4 is identified within the range of $5.23 to $7.28, which needs to be maintained for further upside continuation. The analysis posits two scenarios for wave 4: either it has concluded, leading directly to a wave 5, or it is unfolding as an ABC decline. The crucial pivot for bullish momentum to persist is identified at $5.23; a decisive break below this level would indicate a potential three-wave top, invalidating the immediate bullish impulse and opening the possibility for further declines. If the bullish impulse is sustained, a subsequent wave 5 is projected to target at least $12.115, with potential extensions to $14.10 or even $17.107, based on Fibonacci extensions.