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AI-generated source summary

The analysis of BONKUSD on larger timeframes indicates that the asset has been in a prolonged corrective phase since 2024, spanning nearly two years. This correction, characterized by a significant 92% decline from its high to the October low, is described as bearing the hallmarks of a bear market. The current price action is interpreted as a potential A-B corrective structure, with the pullback observed as corrective rather than impulsive. This suggests a chance for a bullish reversal into a C-wave. However, confidence in the potential B-wave bottom around the 10th of October low is noted as low due to the asset's high volatility and inconsistent swing lows across different exchanges, which complicates precise Fibonacci measurements. Despite this, the current levels are deep enough for a potential B-wave completion, although further extension to lower support levels remains possible. Key Fibonacci support levels are identified between 0.0000056 and 0.0000099. A break below the 78.6% Fibonacci retracement level, approximately at 0.000005629, would typically be considered too deep for a valid Wave 2, potentially invalidating a strong bullish reversal. For a confirmed reversal signal, a break above the selling volume resistance level, specifically the first green line at 0.0000197, is required. Until this resistance is cleared, the local downtrend could persist. The projected C-wave anticipates higher prices, with a target inferred around 0.00002, signifying the start of a significant recovery following the prolonged correction.

AI-generated summary based on the source content.