🔎 #ARB Analysis

The price is moving in an upward five-wave Elliott📈 cycle. At the moment, 3 waves out of 5 possible have been fully implemented. Wave I was formed after the global support level of $1 was crossed. The formation of the wave took place on volumes, which confirms the truth of the formation of an upward cycle. The price reached the key level of $1.2 and rolled back within wave II, briefly going below the $1 level.
But the structure of the cycle was not broken, and the price went up to form the third wave. Rising volumes contributed to overcoming the key levels of $1.2 and $1.8. The previous ATH was just about $1.8. Therefore, the price corrected to it and, using it as support, continued its upward movement up to the $2.4 mark.
After the price marked a new ATH, there was a pullback in the format of a corrective zigzag ABC📉. In which the price made a test and retest of the $1.8 support. In addition, a cup with a handle pattern has been formed. The potential target of the pattern is above the high of wave III at about $2.6 - 2.7. Volumes are already appearing after the pattern, which signals us that wave V is about to move upwards.
On the local timeframe, there is a reversal pattern of inverted head and shoulders. The price has already worked out the pattern on increased volumes. Since the $1.8 support has already been tested, most likely, the price will continue to grow at least to the local resistance of $2.2. If it is overcome, the price will continue to move in the upward direction of wave V.
According to the MACD indicator, there is a bullish intersection of the head and shoulders pattern at the top of the head. The ADX indicator indicates the local strength of the bulls, as the bullish moving average is above the trend and above the bearish one, respectively.
Both timeframes correlate with each other. They contain bullish patterns formed on volumes. The ascending structure of the cycle is maintained. The cycle is formed correctly in accordance with the trend extension of the Fibonacci retracement. And apparently, the price is ready to continue growing within the V wave of the cycle. The coin looks quite strong, if the market situation allows, growth will not be long in coming.