1. Downtrend & Market Structure:
The chart displays a strong bearish trend with a downward channel (red and blue zones), indicating previous selling pressure.
The price has broken out from this bearish structure, showing signs of recovery.
2. Harmonic Pattern Formation:
A harmonic pattern (possibly Gartley or Butterfly) is drawn with labeled points X, A, B, C, D.
These patterns are used to predict potential reversal points in the market.
3. Trade Setup:
Entry Zone (Red Box): Suggested area where traders might open short positions.
Target Zone (Green Box): Marked as a potential profit-taking level.
Projected Price Movement: A zigzag price movement is drawn, indicating a possible rejection from the entry zone and a move toward the target.
4. Support & Resistance Levels:
Support around 108.63: Possible bounce area.
Resistance near 141.9: Price might struggle to break this level.
5. Overall Analysis:
The chart suggests a short-selling opportunity, expecting a drop after a potential rejection from resistance.
If the price breaks above resistance, the bearish scenario may be invalidated.
The chart displays a strong bearish trend with a downward channel (red and blue zones), indicating previous selling pressure.
The price has broken out from this bearish structure, showing signs of recovery.
2. Harmonic Pattern Formation:
A harmonic pattern (possibly Gartley or Butterfly) is drawn with labeled points X, A, B, C, D.
These patterns are used to predict potential reversal points in the market.
3. Trade Setup:
Entry Zone (Red Box): Suggested area where traders might open short positions.
Target Zone (Green Box): Marked as a potential profit-taking level.
Projected Price Movement: A zigzag price movement is drawn, indicating a possible rejection from the entry zone and a move toward the target.
4. Support & Resistance Levels:
Support around 108.63: Possible bounce area.
Resistance near 141.9: Price might struggle to break this level.
5. Overall Analysis:
The chart suggests a short-selling opportunity, expecting a drop after a potential rejection from resistance.
If the price breaks above resistance, the bearish scenario may be invalidated.
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.