RENK Group has completed a first major impulse within Green Wave 1 and is currently trading in its correction phase, forming Green Wave 2.
This chart represents our long-term Elliott Wave outlook for RENK Group. We are counting an impulse structure that is currently correcting the previous Green Wave 1. Within this correction, Renk is approaching a Fibonacci retracement zone, which we define as a buy zone.
Fibonacci Retracement Zone (Buy Zone):
- 61.8% at $44.95
- 78.6% at $32.63
- 88.7% at $25.22
Within this zone, we expect Green Wave 2 and the overall correction to be completed. From there, we anticipate the market to regain strong bullish momentum and continue its long-term uptrend, forming bullish Green Wave 3.
We will define price targets for Green Wave 3 once Green Wave 2 has been completed. In addition, Renk has already activated this zone and is currently trading within it.
With this outlook in mind, we view this zone as a prime long-term opportunity to buy or accumulate the stock.
However, due to the stock’s relatively short chart history, it is essential that Renk holds our outlined Fibonacci retracement zone in order to establish a sustainable long-term uptrend and unlock significant future potential for the market.
If any structural changes occur, or if Renk leaves or invalidates our Fibonacci zone, we will update you immediately.
Kind regards,
Monalytics