Dash Is Sitting At The Strong Support Within The Wedge PatternDash made a strong rally, as anticipated earlier, but the recent sharp decline suggests that the five-wave bullish impulse has likely been completed. As a result, price action now appears to be in a higher-degree three-wave corrective phase. This pullback fits well with a broader ABC corrective structure following the impulsive advance.
On the 4-hour chart, Dash seems to be trading within wave C of this higher-degree correction. Moreover, price action suggests that the market may be in the final stages of wave (5) within a wedge pattern. This setup often signals trend exhaustion, especially when combined with strong historical support. In this case, the 40 area stands out as a key support zone where buyers could step back in and stabilize the price.
Given this technical structure, traders should be alert for a potential rebound and the early stages of a new rally, particularly if price manages to recover and hold above the 53.50 level. However, it’s important to remain cautious, as the first meaningful bullish evidence would only be seen on a breakout above the 71 area. A decisive move above 105 would then serve as full bullish confirmation, signaling that a larger upside continuation is back in play.
Until those levels are reclaimed, price action should be monitored closely, as volatility may remain elevated near the current support zone.
