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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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.