Currently, the market is presenting multiple wave scenarios with nearly equal probabilities. To avoid noise and gain clarity, we are shifting our analysis to the H4 timeframe.
🔹 Key Price Zone
As highlighted in yesterday’s update, the 3340 level remains a critical resistance. Price failed to break above this level and has since pulled back to 3307.
🔹 Momentum & Volume Profile
- H4 Momentum: Just one more H4 candle and the momentum indicator will likely enter the oversold zone, suggesting that the bearish momentum is weakening.
- Volume Profile: Price is clearly reacting at the green POC zone, with no signs of a breakdown yet.
🧩 Two Main Scenarios:
Scenario 1: Wave 5 Continues Lower
Price is potentially forming wave 5, with:
🎯 Target 1: 3290
🎯 Target 2: 3279
✅ Confirmation: Break below 3294
⚠️ Note: This is the most obvious scenario, and in trading, what’s most obvious often requires the most caution.
Scenario 2: Correction Completed – Wave 3 Uptrend Forming
- The black ABC correction has likely completed.
- The recent upward move could be wave 1; the current pullback is wave 2.
- Wave 3 is expected next.
✅ Necessary Condition: Price breaks above 3340
✅ Sufficient Condition: Price breaks the top of wave b (black)
➡️ For this scenario, limit orders may not be effective — real-time confirmation will be required.
📉 Momentum Overview:
- D1 Timeframe: Approaching oversold territory — likely to see a recovery over the next 5–7 daily candles.
- H4 Timeframe: Also nearing oversold — an intraday bounce is expected today.
🎯 Trading Plan:
🔵 Buy Zone 1:
Entry: 3292 – 3289
Stop Loss: 3282
TP1: 3306
TP2: 3340
TP3: 3375
🔵 Buy Zone 2:
Entry: 3281 – 3279
Stop Loss: 3271
TP1: 3307
TP2: 3340
TP3: 3375
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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.
👉 Join the channel to receive more scalping signals!
Channel Telegram: t.me/+XkFQ95yHVOEwNDc1
Channel Telegram: t.me/+XkFQ95yHVOEwNDc1
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.