BBCA Elliott Wave Analysis: A Potential C-Wave Correction BeforeBANK CENTRAL ASIAIDX_DLY:BBCABackTraxk8Based on a technical analysis using Elliott Wave Theory on the weekly timeframe, BBCA stock appears to have completed a significant 5-wave impulsive cycle (a major bullish run) since its 2020 lows. Currently, the price is in an A-B-C corrective phase, which is a natural occurrence after a strong uptrend. The projection suggests a potential for further downside to complete Wave C before initiating the next major bullish cycle. Detailed Analysis 1. Completion of the Impulsive Cycle (Waves 1-5) The chart shows a very clear 5-wave upward structure (marked with green numbers (1) through (5)), which peaked around early 2024. This indicates that BBCA's primary trend over the last few years has been exceptionally strong (super bullish). Wave (1) & (2): The beginning of the uptrend. Wave (3): The longest and strongest upward wave, reflecting high market optimism. Wave (4): A healthy correction that did not fall below the peak of Wave (1). Wave (5): The final push higher that created a new All-Time High, often accompanied by market euphoria. 2. The Current Corrective Phase (Waves A-B-C) After a 5-wave impulse is complete, the market naturally enters a corrective phase, typically consisting of three waves (A-B-C). Wave (A) : The initial sharp decline from the all-time high. This was the first signal that the uptrend is taking a "rest." Wave (B) : A temporary rebound that failed to break the previous high (the peak of Wave (5)). This often acts as a bull trap, where the market appears to be resuming its uptrend but is actually just making an upward correction before continuing down. Wave (C) : This is the final downward leg of the corrective phase. Based on the projection on the chart, Wave C has the potential to bring BBCA's price down further towards a strong support area. 3. Target Projection and the Next Cycle Wave C Downside Target: The area marked by the blue rectangle represents a potential demand zone. Technically, this area aligns with the low of the previous Wave (4), which is in the price range of IDR 7,000 - IDR 7,500. However, a deeper projection as shown in the drawing (towards the IDR 6,000s) is also possible if selling pressure is strong enough. The Next Bullish Cycle: Once this A-B-C correction is complete, Elliott Wave Theory suggests that BBCA is poised to begin a new 5-wave impulsive cycle to the upside. This opens up a very attractive long-term investment opportunity from a lower price point, with targets exceeding the previous all-time high in the coming years. Key Levels to Watch Strong Support (Potential Buy Zone): IDR 7,000 - IDR 7,500. Pay close attention to the price action if it enters this zone. Reversal signals such as bullish divergence or positive candlestick patterns could provide early confirmation that Wave C is ending. Key Resistance (Scenario Invalidation): The peak of Wave (B) around IDR 9,800 - IDR 10,000. If the price manages to break above this level, this A-B-C corrective scenario would likely be invalidated or would have finished earlier than expected. Conclusion In the short term, investors and traders should be aware of the potential for further weakness in BBCA as it moves to complete Wave C. However, this weakness could present a golden opportunity for long-term investors to accumulate. Monitoring the price reaction in the key support zone will be a prudent strategy to potentially catch the beginning of the next major bullish trend.