Structure Overview
Wave Count: You’ve marked the end of wave (5), indicating a potential trend reversal or correction.
Bearish Setup:
Price rejected the orange supply zone post wave (5), suggesting bearish pressure.
Entry appears to be near the top of the small pullback into that zone.
Target is set near the larger demand zone around 1.12274.
Right-Side Box (Key Idea Summary):
Suggests a range-bound market, followed by:
A lower high into a new supply zone (brown box).
A sharp drop into a deeper demand zone at the base (green zone).
Key Price Levels:
Resistance/Supply: 1.14153, 1.15205
Support/Demand: 1.12274, lower box near 1.11400
Possible Strategy:
Sell setup: Look for confirmation candles or patterns near the orange/brown zones.
Target: Previous demand zone or lower if structure breaks.
SL: Above the orange/red zone to manage risk.
Wave Count: You’ve marked the end of wave (5), indicating a potential trend reversal or correction.
Bearish Setup:
Price rejected the orange supply zone post wave (5), suggesting bearish pressure.
Entry appears to be near the top of the small pullback into that zone.
Target is set near the larger demand zone around 1.12274.
Right-Side Box (Key Idea Summary):
Suggests a range-bound market, followed by:
A lower high into a new supply zone (brown box).
A sharp drop into a deeper demand zone at the base (green zone).
Key Price Levels:
Resistance/Supply: 1.14153, 1.15205
Support/Demand: 1.12274, lower box near 1.11400
Possible Strategy:
Sell setup: Look for confirmation candles or patterns near the orange/brown zones.
Target: Previous demand zone or lower if structure breaks.
SL: Above the orange/red zone to manage risk.
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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.
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.