EGAL: Correction Still Has Room to Go Egypt AluminumEGX_DLY:EGALmnmabroukw36ix📊 EGAL: Correction Still Has Room to Go ⚠️ 🔍 The Pulse: EGAL completed the fifth Elliott Wave at the all time high and is now trading inside an ABC correction. 📉 At this stage, I believe the market is still developing only the AB portion of the correction. 🔄 Despite today's positive session, global aluminum prices have not recovered enough to support a sustainable reversal. 🌍 For now, the recent strength looks like a technical bounce rather than the start of a new bullish trend. ⚠️ A close above 308 EGP is required to restore a bullish outlook, but I do not expect this in the near term. 🚨 🧱 The Key Structural Boundaries 🛡️ First Support, Lower Uptrend Channel. This level should contain the current correction and preserve the long term trend. 🛡️ Major Support, 200 Day Moving Average. A break below this level would signal a change in market character. 🔴 CHoCH Level, 236 EGP. Watch this level closely, as a break would confirm a transition into a downtrend. 🚀 Bullish Confirmation, 308 EGP. A close above this resistance is needed before turning constructive. 🎯 The Verdict The current rebound looks like a temporary pullback within a broader correction. Monitor the lower channel boundary and the 200 day moving average closely. A break below 236 EGP would confirm a bearish change of character. Until price reclaims 308 EGP, caution remains the preferred approach. --- If you like my insights, follow and boost! 🙌💙🚀 🎁 $15 TradingView Discount: 🔗 https://www.tradingview.com/pricing/?share_your_love=mnmabroukw36ix ✨💸🤑