Broken Trendline:
The ascending channel has been clearly broken (highlighted by the yellow trendline break).
This suggests the bullish momentum is exhausted, and we might be entering a bearish phase.
Elliott Wave Pattern (1–5):
You’ve correctly labeled an impulse wave down with five potential legs.
Current price is possibly in Wave 4 retracement, and Wave 5 is expected to move downwards.
Fibonacci Retracement Zone:
Price is retracing into the 61.8%–78.6% zone (typical area for Wave 4 retracement).
Rejection here is a prime area to look for sell confirmations.
Liquidity Zones:
The yellow highlighted box shows a liquidity sweep / possible order block area.
This region may serve as a trap zone before dropping — ideal area to watch for bearish confirmation.
Confluence Factors:
Shooting Star candles at highs (sign of exhaustion).
Market structure has shifted — Breaks of Structure (BOS) and Change of Character (CHoCH) support bearish bias.
Price rejected the weak high (labeled on chart), which also confirms sellers stepped in.
Good Luck 🎯
The ascending channel has been clearly broken (highlighted by the yellow trendline break).
This suggests the bullish momentum is exhausted, and we might be entering a bearish phase.
Elliott Wave Pattern (1–5):
You’ve correctly labeled an impulse wave down with five potential legs.
Current price is possibly in Wave 4 retracement, and Wave 5 is expected to move downwards.
Fibonacci Retracement Zone:
Price is retracing into the 61.8%–78.6% zone (typical area for Wave 4 retracement).
Rejection here is a prime area to look for sell confirmations.
Liquidity Zones:
The yellow highlighted box shows a liquidity sweep / possible order block area.
This region may serve as a trap zone before dropping — ideal area to watch for bearish confirmation.
Confluence Factors:
Shooting Star candles at highs (sign of exhaustion).
Market structure has shifted — Breaks of Structure (BOS) and Change of Character (CHoCH) support bearish bias.
Price rejected the weak high (labeled on chart), which also confirms sellers stepped in.
Good Luck 🎯
Trade closed: target reached
Hit TP 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.