Order Block Retest on Gold H1 – Buy the Dip?
Price is showing a textbook SMC structure on the H1 timeframe. Early in the sequence, we saw two consecutive CHoCH (Change of Character) signals confirming a bearish shift, followed by a BOS (Break of Structure) that swept liquidity below the accumulation range near the 4,000 zone. This accumulation box acted as the launchpad for the next leg up.
From there, price rallied into a clean 5-wave Elliott structure: Wave (1) topped near 4,090, Wave (2) retraced into the 3,970 liquidity pool, Wave (3) extended sharply to 4,140 tagging the Order Block, Wave (4) pulled back to the 0.786 fib zone, and Wave (5) is now pushing into the 0–0.236 fib extension around 4,180–4,200.
The horizontal Order Block (4,120–4,150) is the key supply/demand pivot here — price has repeatedly reacted around this zone, and it's currently acting as a decision point for the next directional move. A confirmed close above 4,150 with a bullish retest would signal continuation toward the 0 fib extension (~4,200+). Rejection from this zone, however, could trigger a corrective pullback toward the 0.382–0.5 fib levels (4,120–4,100).
Key levels to watch:
🔸 Resistance: 4,180 – 4,200 (Order Block / 0.236 fib)
🔸 Support: 4,120 – 4,100 (0.5 fib retracement)
🔸 Invalidation: Below 4,060 (Wave 4 low)
This setup blends SMC concepts (CHoCH, BOS, Order Blocks, liquidity sweeps) with Elliott Wave theory for confluence — always a stronger combo than using either alone.
Price is showing a textbook SMC structure on the H1 timeframe. Early in the sequence, we saw two consecutive CHoCH (Change of Character) signals confirming a bearish shift, followed by a BOS (Break of Structure) that swept liquidity below the accumulation range near the 4,000 zone. This accumulation box acted as the launchpad for the next leg up.
From there, price rallied into a clean 5-wave Elliott structure: Wave (1) topped near 4,090, Wave (2) retraced into the 3,970 liquidity pool, Wave (3) extended sharply to 4,140 tagging the Order Block, Wave (4) pulled back to the 0.786 fib zone, and Wave (5) is now pushing into the 0–0.236 fib extension around 4,180–4,200.
The horizontal Order Block (4,120–4,150) is the key supply/demand pivot here — price has repeatedly reacted around this zone, and it's currently acting as a decision point for the next directional move. A confirmed close above 4,150 with a bullish retest would signal continuation toward the 0 fib extension (~4,200+). Rejection from this zone, however, could trigger a corrective pullback toward the 0.382–0.5 fib levels (4,120–4,100).
Key levels to watch:
🔸 Resistance: 4,180 – 4,200 (Order Block / 0.236 fib)
🔸 Support: 4,120 – 4,100 (0.5 fib retracement)
🔸 Invalidation: Below 4,060 (Wave 4 low)
This setup blends SMC concepts (CHoCH, BOS, Order Blocks, liquidity sweeps) with Elliott Wave theory for confluence — always a stronger combo than using either alone.
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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.
Related publications
Disclaimer
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.