Overall bullish picture for OGNWe've activated a large overarching orange structure and formed a lower low, but the negative target level is unlikely as prices can't go negative. So, this structure serves as context rather than a strict guide.
The more relevant structure now is the green one. We've reacted from the target zone, formed a lower low, and turned at resistance. The XY level pushed the price down after an over-correction. This opens the possibility of reaching the original target level, creating a new overarching lower low or range low.
However, the overall market activity shows a willingness to trade both ways, as indicated by the light blue structure and the strong wick, suggesting pressure. Since we're still trading within the purple structure and its target isn't reached, I'll handle the market by opening positions at the end of the reversal zone. Given the previous range spike, I don't expect another, and I'll consider the green target invalid. My entry, stop loss, and take profit are set accordingly.
I'll move my stop loss to break even once we activate the dark blue structure by forming a higher high. Also, I'll take 30% of my position off at the resistance line.
I hope those confident enough to trade this can secure some profits.
