[00:00] Chart Analysis Setup: Analyst reviews 4-hour Bonk chart showing pressure similar to many other cryptos, establishing need for break above 1.19589 green line to return to uptrend
[00:16] Market Status Classification: Market currently classified as uncertain and range-bound until key resistance level breaks, cautioning about Fibonacci measurement uncertainty across different chart lows
[00:39] Wave 2 Correction Ongoing: Elliott Wave analysis indicates Wave 2 correction hasn't bottomed yet, with current thesis showing Wave 1 complete and A-wave down, B-wave up pattern identified
[00:56] Resistance Rejection Analysis: B-wave was rejected at resistance level, failing to break above Fibonacci resistance or reach October 10th high, confirming downward bias
[01:08] Wave 3 of C Movement: Current market likely moving down in Wave 3 of C, explaining sustained downward pressure and testing of October 17th low support level
[01:34] Future Wave Structure Projection: Analysis projects further downside needed in Wave 3, followed by Wave 4 and Wave 5 formations before potential bottom can form
[01:46] Short-term Resistance Level: Very short-term upside would require break above October 29th Wednesday high at 1.15190, confirming downward pressure remains dominant for now