Bullish Breakout Potential:
Alternative Scenario: Instead of the bearish move toward the lower targets, the price might break through the strong resistance (highlighted at the "double top" area).
Trigger: A strong bullish volume surge could invalidate the resistance zone, leading to an upward breakout toward a potential new high, around 3,050–3,070.
2. Support Holding Strong:
Alternative Outlook: The "Target Breakout" support level may serve as a key reversal zone, forming a higher low. If buyers defend this level aggressively, it could lead to a trend reversal back to the top of the range.
Trigger: Bullish momentum around the support could push the price back toward 3,040 and invalidate the bearish arrow projection.
3. Sideways Consolidation:
Alternative Setup: The price might remain range-bound between 3,020 and 3,040 for some time due to market indecision, as traders assess macroeconomic factors (e.g., inflation, central bank moves).
Trigger: Lack of clear bullish or bearish momentum could lead to whipsaw action, trapping both buyers and sellers.
Alternative Scenario: Instead of the bearish move toward the lower targets, the price might break through the strong resistance (highlighted at the "double top" area).
Trigger: A strong bullish volume surge could invalidate the resistance zone, leading to an upward breakout toward a potential new high, around 3,050–3,070.
2. Support Holding Strong:
Alternative Outlook: The "Target Breakout" support level may serve as a key reversal zone, forming a higher low. If buyers defend this level aggressively, it could lead to a trend reversal back to the top of the range.
Trigger: Bullish momentum around the support could push the price back toward 3,040 and invalidate the bearish arrow projection.
3. Sideways Consolidation:
Alternative Setup: The price might remain range-bound between 3,020 and 3,040 for some time due to market indecision, as traders assess macroeconomic factors (e.g., inflation, central bank moves).
Trigger: Lack of clear bullish or bearish momentum could lead to whipsaw action, trapping both buyers and sellers.
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.