🔍 Current Wave Structure
Yesterday's sharp and impulsive drop suggests a completed 5-wave structure for wave c (red) within a larger flat correction (abc red).
However, this morning's bullish move lacks momentum — candles are overlapping and price has failed to break above the 3383 level. This casts doubt on the current wave being the beginning of a new impulsive trend.
🌀 Scenario 1 – Beginning of a New Impulsive Wave
The current bullish leg may be wave 1, forming as a leading diagonal due to overlapping candles.
Projected target for wave 1: 3380. A pullback from this level could form wave 2, offering a potential long entry around 3347–3344.
⚠️ Scenario 2 – Continuation of a Larger Wave 2 Correction
If price drops back toward 3324, this would invalidate the current impulsive wave count as wave 4 would overlap wave 1 (black) → A larger corrective structure is still unfolding.
The current bounce may then be interpreted as wave a of a larger abc corrective move, suggesting a further decline to come.
🎯 Trading Strategy (Confluence of Both Scenarios)
Sell Zone: 3380–3383 → short-term selling opportunity based on potential wave 1 peak or wave b top.
Buy Zone: 3347–3344 → potential entry if wave 2 completes here (Scenario 1) or wave b ends here (Scenario 2).
📈 Momentum Outlook
Daily (D1): Momentum is fading but a confirmed bearish close today is needed. If confirmed, at least 4 more bearish daily candles may follow.
H4: Momentum is rising, suggesting more upside or sideways consolidation in the short term.
H1: Momentum is about to turn bearish. Ideally, we wait for it to dip into oversold territory and reverse upward — that would be our signal to go long.
🛒 Trade Setup
BUY ZONE: 3347 – 3344
🎯 SL: 3337
🎯 TP1: 3365
🎯 TP2: 3380
🎯 TP3: 3404 (if bullish scenario plays out)
SELL ZONE: 3383 – 3386
🎯 SL: 3393
🎯 TP1: 3365
🎯 TP2: 3347
Trade active
+100 pips 
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👉 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.