At the moment, price has not yet reached the 3942 level, which is the invalidation level for the bullish impulsive wave structure. However, price is moving closer to this area. Therefore, forcing a specific wave count at this stage would not provide consistency. For now, we will focus on observing the short-term price action.
The corrective wave is still moving within a descending channel. Price has fallen into the lower 50% of the channel, indicating that selling pressure remains strong.
According to the Volume Profile, the nearest resistance zone above is located between 4002 and 4012. This area forms a Low Volume Node and is currently acting as a strong resistance zone.
Price has already reached this area and faced a strong rejection. The subsequent decline created an FVG on the M15 timeframe. This gap may act as a price magnet, attracting price upward to fill the imbalance before another decline occurs.
Below the current price, we have a support zone at 3975. However, this area has already been tested and violated several times. Therefore, the probability of price breaking below it remains high.
The lows at 3961 and 3942 contain a significant amount of liquidity from the Stop Loss orders of previous Buy positions. Therefore, these levels may act as liquidity targets that attract price downward.
It is important to note that if price falls below 3942, the bullish structure will be invalidated. In that case, the corrective phase will remain in progress, and price may continue to decline further.
The 3992 level could provide a very good Sell zone if price retraces back into this area.
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