Render - Mid-Short-term EW-Analysis
After completing its corrective Wave 2 in yellow (see long-term analysis), Render established a one-two structure in light blue, followed by a second one-two setup in dark blue, which is currently unfolding within our defined Fibonacci retracement zone:
- 61.8% retracement at 3.41 USD
- 78.6% retracement at 3.06 USD
Within this zone, we expect Render to complete its dark-blue Wave 2 correction and resume bullish momentum into dark-blue Wave 3, to be followed by Waves 4 and 5 at the same degree. This full sequence would complete light-blue Wave 3, which itself forms part of a five-wave advance that should ultimately establish green Wave 1.
Once dark-blue Wave 2 concludes inside the retracement zone, our outlook projects that light-blue Wave 3 could reach into the following Fibonacci extension target zone:
- 161.8% extension at 7.33 USD
- 261.8% extension at 10.25 USD
This range represents our primary expectations for the completion of light-blue Wave 3, assuming the bullish structure unfolds as anticipated.
Trading Plan:
The current retracement zone offers a high-quality buy opportunity for Render. Once the market exits this zone to the upside, a decisive break above the local resistance at 4.72 USD would confirm the start of dark-blue Wave 3, driving price into our projected target zone for light-blue Wave 3.
Keep in mind:
This outlook reflects our primary expectation for Render`s Mid to short-term performance. Always ensure that you review our long-term projections first before moving on to our mid- and short-term Elliott Wave analyses.
