Since the May spike, BIFO has repeatedly failed to sustain moves above 145–147. More recently, the August move reached roughly 136–137 and has rolled back toward 126.
So I would classify the current 4H structure as neutral to mildly bearish, not yet a strong bullish setup.
The important point is 120. As long as BIFO holds roughly 119–120, the larger consolidation remains intact. A decisive 4H close below 119 would increase the probability of a move toward 108–110.
So I would classify the current 4H structure as neutral to mildly bearish, not yet a strong bullish setup.
The important point is 120. As long as BIFO holds roughly 119–120, the larger consolidation remains intact. A decisive 4H close below 119 would increase the probability of a move toward 108–110.
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