WGMI / WeeklyCoinShares Bitcoin Mining ETFBATS:WGMIElliottChartWGMI 📈Wave Analysis – 🎬 Bullish Alternative Scenario The development of a Leading Diagonal in Primary Wave ⓵ — a potentially bullish structure that began in December 2022 — indicated an early-stage transition into a bullish accumulation phase. Such motive patterns often precede strong impulsive advances, reinforcing the broader bullish narrative, unfolding the trend at the Cycle degree. Following this initial advance, Primary Wave ⓶ unfolded as an Expanded Flat, completing near the 50% Fibonacci retracement of Wave ⓵. This corrective phase likely functioned as a sentiment reset, with Int. Wave (C) triggering capitulation and exhausting remaining bearish pressure — effectively clearing the path for Primary Wave ⓷, which is now in progress. 🔍 Technical Commentary (Within Primary Impulsive Wave ⓷) Currently within Primary Wave ⓷, the ongoing advance of Intermediate Wave (3) (not shown in this frame) has paused near the apex of the equivalence lines drawn from the Leading Diagonal in Wave ⓵ — a key confluence zone within my technical framework. This region marks a significant inflection point, where price is interacting with long-term structural geometry anchored at the trend’s origin — potentially functioning as a reactive zone before further extensions. Using Fibonacci extension measurements, the projected target for the completion of Primary Wave ⓷ lies around $248, representing an approximate 572% gain from the retracement levels of the ongoing Int. Wave (3) of Primary ⓷. 📑>> The alternative bullish scenario allows for a potential nested (1)-(2), 1-2 structure, which implies a longer consolidation phase — a prolonged buildup — before the larger third-wave extensions accelerate within the impulse sequence of Primary Wave ⓷. #StocksToWatch #MarketAnalysis #TechnicalAnalysis #ElliottWave #WaveAnalysis #TrendAnalysis #FibLevels #FinTwit #TradingView #Investing #ETF #WGMI ETF WGMI BITCOIN AI BTC BTCUSD