ELM (7203): Watching for a Fibonacci BreakoutElm CompanyTADAWUL:7203AlphaFox-TradersI've been keeping an eye on ELM, and the chart is starting to look interesting. After spending months in a downtrend, the price seems to be finding its footing. It has been making higher lows while staying above the 602 SAR support, which is usually a good sign that buyers are slowly coming back. Right now, the biggest level to watch is around 691 SAR. This is where the long-term descending trendline meets the 23.6% Fibonacci level, making it an important resistance area. If the price can close above this level with strong volume, it could be an early sign that the trend is finally changing. If that breakout happens, the next Fibonacci levels I'm watching are: 805 SAR (38.2%) 897 SAR (50%) 989 SAR (61.8%) 1120 SAR (78.6%) For now, I think patience is the best approach. The chart is definitely improving, but I'd like to see a confirmed breakout before getting too excited. Trade Idea Entry: 680–695 SAR (or wait for a confirmed close above 691 SAR) TP1: 740 SAR TP2: 805 SAR TP3: 897 SAR TP4: 989 SAR TP5: 1120 SAR Stop Loss: 645 SAR (or below 602 SAR for a longer-term swing) This setup has a few things lining up nicely an ascending trendline, strong support around 602 SAR, and Fibonacci levels acting as clear targets. If buyers can push through 691 SAR with convincing volume, I think this chart could become much more interesting.