On the 2H timeframe, price is respecting both SMC supply zones and Elliott Wave corrective structure.
🔹 Elliott Wave Structure:
We are currently unfolding in a Corrective A–B–C pattern.
Wave A completed with strong downside impulse.
Wave B retraced into supply zone but failed to break structure.
Now, wave C is developing, with expectation of further downside toward the 1.1650–1.1620 demand zone.
🔹 SMC Structure:
Price tapped into the sellers’ supply zone (1.1760–1.1780), aligning with previous order block and descending channel trendline.
Market structure remains bearish with lower highs & lower lows.
Liquidity below 1.1700 is the next target for smart money.
📉 Bias:
Looking for a rejection from the seller zone → continuation into the blue demand area marked as Wave C completion.
✅ Confluence:
Elliott Wave C-leg projection
Bearish order flow (SMC)
Supply zone rejection
Channel continuation
⚠️ Invalidation:
Bullish break and close above 1.1800 would invalidate this bearish scenario.
🔹 Elliott Wave Structure:
We are currently unfolding in a Corrective A–B–C pattern.
Wave A completed with strong downside impulse.
Wave B retraced into supply zone but failed to break structure.
Now, wave C is developing, with expectation of further downside toward the 1.1650–1.1620 demand zone.
🔹 SMC Structure:
Price tapped into the sellers’ supply zone (1.1760–1.1780), aligning with previous order block and descending channel trendline.
Market structure remains bearish with lower highs & lower lows.
Liquidity below 1.1700 is the next target for smart money.
📉 Bias:
Looking for a rejection from the seller zone → continuation into the blue demand area marked as Wave C completion.
✅ Confluence:
Elliott Wave C-leg projection
Bearish order flow (SMC)
Supply zone rejection
Channel continuation
⚠️ Invalidation:
Bullish break and close above 1.1800 would invalidate this bearish scenario.
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