SHIBUSDT Weekly Analysis - Contracting Descending Triangle + EllSHIBUSDT Perpetual Swap ContractOKX:SHIBUSDT.PAurex-finance-excosystemThe weekly chart is forming a large Contracting Descending Triangle with converging trendlines. Inside this major structure, we have a completed Elliott Wave Zigzag correction labeled (A)-(B)-(C): (A): Initial decline (B): Corrective retracement rally (C): Final leg down completing the zigzag at the lower boundary of the triangle Higher Timeframe Context: Weekly: Zigzag pattern in corrective phase (Confidence 68%) Monthly: Regular Flat corrective structure (40% correction) 3-Month: No clear pattern formed Multi Timeframe Alignment: Conflicting Current Scenario: The corrective zigzag appears to have reached completion at a strong Higher Timeframe (HTF) support zone. This confluence increases the probability of bullish trend resumption and a potential breakout from the descending triangle. The projected line suggests a strong upside move as the long-term correction exhausts. Key Levels: Support: Lower boundary of the contracting descending triangle + HTF support zone (near current lows) Resistance: Upper triangle boundary + previous (B) high Invalidation: Sustained breakdown below the triangle support My Rating: ⭐⭐⭐⭐ (4/5) Solid setup with good pattern completion at major support despite conflicting alignment across timeframes. Pure technical analysis only.