Trend shift confirmed by a trendline breakout.
It seems like a five-wave downwards movement has also finished its own cycle.
A new, fresh A-B-C pattern is emerging and, as you can see on the chart, main wave A is coming to an end. We can easily confirm this by calculating the inner waves. This main, big A-B-C wave has its own inner waves just like any other. In lower time frames, a five-wave impulsive movement has occurred. This entire five-wave structure is part of a larger correction pattern.
In order to calculate the inner ABC, you can simply measure the length of wave A, and the result should give you the possible ending areas for wave C. The results show us that the current move might be coming to an end due to reaching a flip zone within the measured price range. This both adds up and creates a confluence zone.
That very same supply area on the chart is also a flip zone. So, it should be a difficult area to pass. With the current volume, it's not going to be easy.
By calculating all of that, the price should get rejected and grab more liquidity to move upwards. Even then, a larger wave B must be formed in this area. Seek entries around that wave B, not before. The target is going to be the main 0.618 Fibonacci zone. If you calculate it by measuring from the top to the bottom of the previous cycle, you'll end up with the same result I marked on the chart.
Hope it helps.
It seems like a five-wave downwards movement has also finished its own cycle.
A new, fresh A-B-C pattern is emerging and, as you can see on the chart, main wave A is coming to an end. We can easily confirm this by calculating the inner waves. This main, big A-B-C wave has its own inner waves just like any other. In lower time frames, a five-wave impulsive movement has occurred. This entire five-wave structure is part of a larger correction pattern.
In order to calculate the inner ABC, you can simply measure the length of wave A, and the result should give you the possible ending areas for wave C. The results show us that the current move might be coming to an end due to reaching a flip zone within the measured price range. This both adds up and creates a confluence zone.
That very same supply area on the chart is also a flip zone. So, it should be a difficult area to pass. With the current volume, it's not going to be easy.
By calculating all of that, the price should get rejected and grab more liquidity to move upwards. Even then, a larger wave B must be formed in this area. Seek entries around that wave B, not before. The target is going to be the main 0.618 Fibonacci zone. If you calculate it by measuring from the top to the bottom of the previous cycle, you'll end up with the same result I marked on the chart.
Hope it helps.
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Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.