Bonk cryptocurrency faces downward pressure requiring a break above 1.19589 to return to uptrend status. The analyst presents an Elliott Wave analysis suggesting the market remains in wave two correction, with the current structure showing an A-B-C pattern where the B wave failed to break Fibonacci resistance or reach the October 10th high. The video identifies the market as likely moving down in wave three of C, testing the October 17th low with expectations of further downside before completing waves four and five. Short-term momentum remains bearish until price breaks above the October 29th high at 15190.