We talked about DeFi Index back on August 21, when we actually spotted a completed complex W-X-Y corrective setback that gave us a bullish setup formation of a larger degree.

DeFi Index Daily Chart From August 21

Since August it’s been mostly accumulating and with a broken channel resistance line connected from the highs, it’s probably forming a bullish setup formation with a sharp wave (1), which was followed by an A-B-C flat correction in wave (2) that nicely retested upper channel line as a support.

DeFi Index Daily Chart From November 11

So, with current sharp and impulsive rally, watch out for a strong bullish continuation within wave (3) of a five-wave bullish cycle that can send the price back to March highs, especially if breaks base channel resistance line and 1000 bullish confirmation level.

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