From an Elliott Wave perspective, $GUN

GUN

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appears to be completing a corrective ABC structure on the higher timeframe. The prolonged downtrend on the daily chart fits well as a Wave C completion.

The recent impulsive move on the 4H could be the beginning of a new 5-wave structure to the upside. What we’re likely seeing now is Wave 1, followed by a potential Wave 2 pullback.

If this count is correct, we should expect a retracement toward the 0.020–0.021 region before continuation higher into Wave 3, which is typically the strongest leg.

Invalidation would occur if price breaks below the recent lows. Until then, this looks like early-stage trend reversal behavior.

Patience is key—don’t chase Wave 1. Wait for the Wave 2 pullback for better risk/reward positioning.