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Elliot Wave Theory helps analysts predict future price movements based on the wave structures formed by buying and selling activities in the market. According to Elliot Wave, market movements can be categorized into either three-wave corrective structures or five-wave impulsive patterns, which represent trends.

In our analysis, we identified a strong five-wave impulsive pattern during Rune’s previous bullish market from September 2020 to May 2021, where the price surged impressively from 32.2 cents to a peak at $21.28. The absence of overlap in these waves indicates a robust trend, suggesting strong bullish momentum.