TeraWulf (NASDAQ: WULF) dropped more than 50% from its all-time high peak in June 2026. In today’s article, we examine the weekly Elliott Wave structure unfolding. Our analysis explores the potential bullish path ahead despite this recent drop.
Our earlier analysis identified the impulsive five-wave advance from the 2023 low. The cycle extended to the upside within wave V. It marked a peak of wave (I) in June 2026 at $29.84. This ended the entire rally and started a correction lower in wave (II). That correction could unfold in 3, 7, or 11 swings.
The stock is currently completing a three-wave zigzag from its 2026 peak. This decline reached the equal legs area at $16.85 – $10.22. The correction should end there, followed by a bullish reaction in the coming months.
Consequently, investors should view this area as a buying opportunity. They can accumulate in expectation of a rally in wave (III). This move should target new all-time highs above $30. Alternatively, it could produce a larger degree three-wave bounce at minimum.
WULF Weekly Chart 9.15.2026
The following video offers a technical outlook for WULF:
Conclusion
WULF displays a bullish impulsive weekly cycle structure. Therefore, investors should target buying opportunities within the current pullback.
Source: https://elliottwave-forecast.com/stock-market/terawulf-wulf-setting-base-above-10/