Price has been locked in a persistent downtrend for over a year, showing little relief. However, November’s candle tested a key demand zone and attracted a strong bid. This reaction suggests the downtrend may be nearing completion. While we don’t yet have full confirmation of a trend reversal, the risk‑to‑reward profile is compelling.
Trade Scenario
• Keep the approach straightforward: the initial target sits at the yearly S1 pivot.
• Should price break through that level with conviction, the next objective would be the 50% retracement zone. Projected from the start of the downtrend and November low.
Should the November low give way, expect a sharp push lower. If this move is followed by a monthly bullish hammer or doji candle close above the pivot, the setup remains valid with an even more favorable risk‑to‑reward dynamic.
Trade Scenario
• Keep the approach straightforward: the initial target sits at the yearly S1 pivot.
• Should price break through that level with conviction, the next objective would be the 50% retracement zone. Projected from the start of the downtrend and November low.
Should the November low give way, expect a sharp push lower. If this move is followed by a monthly bullish hammer or doji candle close above the pivot, the setup remains valid with an even more favorable risk‑to‑reward dynamic.
Note
lets see if we get a sweep of the lows.
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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.