ECA - Looking for bullish momentumY wave with target (E) within stipulated time.
Price has just broken above the major downtrend line.
This breakout is a bullish signal, indicating a potential reversal or at least a corrective rally.
Tenkan Sen has crossed above Kijun Sen recently, which is a bullish crossover.
Price is near the lower boundary of the Kumo, which currently serves as resistance.
The cloud ahead is bearish, implying potential strong resistance to overcome before a sustained uptrend can form.
Chikou Span positions closer to price highs, suggesting increasing momentum.
Immediate support at 0.165.
Stronger support at 0.130.
Resistance near the cloud.
Entry: Consider entering a long position now or on a minor retracement near 0.170–0.175 after confirming support.
Stop Loss: Place stop loss below support around 0.160 or more conservatively below 0.150 to manage risk.
Target: Primary target towards the wave (E) at around 0.210 – 0.220.
Note:
1. Analysis for education purposes only.
2. Trade at your own risk.
