🔍 Momentum Overview
• D1 timeframe: Momentum has entered the overbought zone, signaling a potential reversal within the next 1–2 sessions. That said, the current bullish leg may still extend — it’s important to wait for tomorrow’s D1 candle close for confirmation. Entering overbought territory is a warning that upside momentum is weakening.
• H4 timeframe: Momentum is currently declining. Unless a strong bullish candle closes above 3391 to trigger a reversal, the price is likely to continue moving sideways or downward today.
• H1 timeframe: There are signs of a bullish reversal. If the price holds above 3385 and posts a strong breakout candle above 3391, it could present a short-term buying opportunity.
🌀 Elliott Wave Structure Update
• Price is consolidating within the 3390 – 3402 range — a key zone to monitor closely.
• The 3380 level is a critical threshold, aligned with the 0.382 Fibonacci retracement of Wave (3). A daily close below this level would raise the possibility that the move is part of a correction rather than Wave 4.
• A flat ABC correction is currently unfolding, with the 1.618 extension of Wave A already reached at 3385.
• If price breaks below 3360, it would overlap with the previous Wave 1, invalidating the current impulsive wave count. In that case, we should consider the potential continuation of a larger abcde triangle correction.
🔗 Momentum & Wave Structure Combined
• H1 is showing early signs of a bullish reversal, but H4 momentum remains bearish. Without a strong breakout candle above 3391, price is likely to drift sideways or lower until H4 reaches the oversold zone.
• Conservative approach: Wait for H4 to enter oversold territory before considering any long positions.
• The ideal buy setup would be a bullish reaction from the 3382 – 3380 zone.
📈 Trade Setup
• Buy Zone: 3382 – 3380
• Stop Loss: 3372
• Take Profit 1: 3402
• Take Profit 2: 3412
• Take Profit 3: 3428
Trade active
⏳ Approximately 1 hour remains until the H4 candle closes. Based on the current momentum, it looks like we need 1 to 2 more H4 candles for the momentum to fully enter the oversold zone.📌 At this stage, the most prudent strategy is to stay patient and wait. Once H4 momentum reaches the oversold area, we can start looking for a potential entry setup based on the next signal.
🔗
Trade closed: target reached
The entry limit was slightly missed, but in real-time, Wave 5 has already formed.🔗
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Related publications
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.