📊
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🔍 Momentum Analysis
• D1 Timeframe:
Daily momentum is showing signs of a potential bearish reversal. However, we need to wait for today’s candle to close to confirm the signal. While waiting for confirmation, price may still experience a minor upward move on lower timeframes, but the current bullish momentum is weak and unlikely to extend far.
• H4 Timeframe:
Momentum is also preparing to reverse. We need to observe the current H4 candle for confirmation. Notably, the reversal signal is forming just below the overbought zone, suggesting there may be one more upward push before a potential decline.
• H1 Timeframe:
Momentum is approaching the oversold zone. It may take 1–2 more bearish candles before a short-term bullish rebound occurs.
________________________________________
🌀 Elliott Wave Structure Update
Yesterday’s bullish move was disappointing — instead of pushing directly to the 3402 or 3419 target zones to complete Wave 5, price only broke slightly above 3385 before reversing. This behavior complicates wave analysis by introducing conflicting possibilities.
We currently consider two main scenarios:
Scenario 1: Wave 5 is not yet complete
• Given that D1 momentum is preparing to reverse downward, it’s unlikely that the current move is Wave 1 of Wave 5. A more likely scenario is that Wave 3 of Wave 5 has completed and price is currently in Wave 4.
• The current corrective structure has stopped at the 0.382 Fibonacci level. As long as price remains above 3370 (the 0.5 Fib level), this strengthens the case for a Wave 4 retracement before another leg up in Wave 5.
• Since bullish strength appears limited, we now focus on two main target zones for Wave 5: 3395 and 3402, instead of the previous high at 3419.
Scenario 2: Full 5-wave structure is complete – now in correction
• If the 5-wave pattern has already finished, the current decline marks the beginning of a corrective phase.
• With current momentum conditions, this is still a viable scenario. However, due to the remaining upside possibility, we recommend waiting for today’s D1 candle to confirm momentum before taking any trade.
________________________________________
📌 Trade Plan
For experienced traders:
• Wait for price to reach the 3395–3402 zones.
• Look for reversal signals in those areas to enter short positions.
Suggested trade plan for newer traders:
• Sell Zone: 3395 – 3398
• Stop Loss: 3408
• Take Profits:
o TP1: 3385
o TP2: 3370
o TP3: 3349
________________________________________
✅ Note:
This trade plan should be reassessed after today’s D1 candle closes for confirmation of the momentum shift.
________________________________________
🔍 Momentum Analysis
• D1 Timeframe:
Daily momentum is showing signs of a potential bearish reversal. However, we need to wait for today’s candle to close to confirm the signal. While waiting for confirmation, price may still experience a minor upward move on lower timeframes, but the current bullish momentum is weak and unlikely to extend far.
• H4 Timeframe:
Momentum is also preparing to reverse. We need to observe the current H4 candle for confirmation. Notably, the reversal signal is forming just below the overbought zone, suggesting there may be one more upward push before a potential decline.
• H1 Timeframe:
Momentum is approaching the oversold zone. It may take 1–2 more bearish candles before a short-term bullish rebound occurs.
________________________________________
🌀 Elliott Wave Structure Update
Yesterday’s bullish move was disappointing — instead of pushing directly to the 3402 or 3419 target zones to complete Wave 5, price only broke slightly above 3385 before reversing. This behavior complicates wave analysis by introducing conflicting possibilities.
We currently consider two main scenarios:
Scenario 1: Wave 5 is not yet complete
• Given that D1 momentum is preparing to reverse downward, it’s unlikely that the current move is Wave 1 of Wave 5. A more likely scenario is that Wave 3 of Wave 5 has completed and price is currently in Wave 4.
• The current corrective structure has stopped at the 0.382 Fibonacci level. As long as price remains above 3370 (the 0.5 Fib level), this strengthens the case for a Wave 4 retracement before another leg up in Wave 5.
• Since bullish strength appears limited, we now focus on two main target zones for Wave 5: 3395 and 3402, instead of the previous high at 3419.
Scenario 2: Full 5-wave structure is complete – now in correction
• If the 5-wave pattern has already finished, the current decline marks the beginning of a corrective phase.
• With current momentum conditions, this is still a viable scenario. However, due to the remaining upside possibility, we recommend waiting for today’s D1 candle to confirm momentum before taking any trade.
________________________________________
📌 Trade Plan
For experienced traders:
• Wait for price to reach the 3395–3402 zones.
• Look for reversal signals in those areas to enter short positions.
Suggested trade plan for newer traders:
• Sell Zone: 3395 – 3398
• Stop Loss: 3408
• Take Profits:
o TP1: 3385
o TP2: 3370
o TP3: 3349
________________________________________
✅ Note:
This trade plan should be reassessed after today’s D1 candle closes for confirmation of the momentum shift.
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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.
👉 Join the channel to receive more scalping signals!
Channel Telegram: t.me/+XkFQ95yHVOEwNDc1
Channel Telegram: t.me/+XkFQ95yHVOEwNDc1
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.