📊 Price is likely in the middle of a wave iv (orange) correction, following the completion of a 5-wave structure (green) that formed wave iii.
During this correction, an ABC zigzag pattern has already formed. The recent upward move remains unclear, which opens up two possible scenarios:
🔸 Scenario 1 – Wave iv is completed
The ABC structure looks complete. Price appears to be forming a leading diagonal, currently in wave 2.
A confirmed breakout above 3343 with a candle close would validate a new bullish trend → favoring Buy entries in line with the larger trend.
🔸 Scenario 2 – Ongoing zigzag correction (double structure)
Wave X has completed, and price may now be developing wave Y (either an ABC or triangle pattern).
This scenario is confirmed if price breaks below wave c (green) at 3324.
🎯 Wave Y Target Zones (based on Fibonacci + Volume Profile):
• Target 1: 3317
• Target 2: 3290
🔍 Momentum Outlook:
• Daily (D1): Bearish momentum confirmed → downside likely to dominate into the end of the week
• H4: Momentum rising → short-term bounce or consolidation expected today
• H1: Near oversold → watch for bullish reversal.
If price fails to break above 3349, scalp shorts may be considered.
However, a break above 3349 could mean wave X continues as an extended ABC, or a new bullish trend has started — to be updated accordingly.
📌 Trading Plan:
Buy Zone: 3317 – 3314
Stop Loss: 3307
Take Profit 1: 3334
Take Profit 2: 3373
✅ Only enter on H1 bullish momentum reversal
❗ If this zone fails, watch for the next Buy opportunity near 3290
During this correction, an ABC zigzag pattern has already formed. The recent upward move remains unclear, which opens up two possible scenarios:
🔸 Scenario 1 – Wave iv is completed
The ABC structure looks complete. Price appears to be forming a leading diagonal, currently in wave 2.
A confirmed breakout above 3343 with a candle close would validate a new bullish trend → favoring Buy entries in line with the larger trend.
🔸 Scenario 2 – Ongoing zigzag correction (double structure)
Wave X has completed, and price may now be developing wave Y (either an ABC or triangle pattern).
This scenario is confirmed if price breaks below wave c (green) at 3324.
🎯 Wave Y Target Zones (based on Fibonacci + Volume Profile):
• Target 1: 3317
• Target 2: 3290
🔍 Momentum Outlook:
• Daily (D1): Bearish momentum confirmed → downside likely to dominate into the end of the week
• H4: Momentum rising → short-term bounce or consolidation expected today
• H1: Near oversold → watch for bullish reversal.
If price fails to break above 3349, scalp shorts may be considered.
However, a break above 3349 could mean wave X continues as an extended ABC, or a new bullish trend has started — to be updated accordingly.
📌 Trading Plan:
Buy Zone: 3317 – 3314
Stop Loss: 3307
Take Profit 1: 3334
Take Profit 2: 3373
✅ Only enter on H1 bullish momentum reversal
❗ If this zone fails, watch for the next Buy opportunity near 3290
Trade active
"Looking at the current price action, it seems to be favouring our second scenario."
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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.