Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
1. Momentum
D1 time range
– Momentum on daily frame D1 is starting to show signs of a bullish reversal. However, we still need to wait for the close of today’s D1 candle to clearly confirm this reversal.
– If confirmed, the uptrend could continue.
However, since a reversal point is forming near the oversold zone, the upside potential may be limited and the market outlook needs to be treated with caution.
H4 time frame
– H4 time frame momentum is approaching oversold territory.
– If the price maintains its current trend and the bullish H4 candle is closed, the momentum will officially enter oversold territory and may reverse to the upside.
In this case, the upward trend on the H4 frame will become clearer and stronger.
H1 time frame
– Momentum on the first half time frame is currently rising, indicating a continuation of the bullish bias in the short term.
Or prices may continue to trade sideways until the trend becomes clearer.
2. Elliott wave structure
Wave structure on frame D1
– There is no significant change in the wavenumber on the D1 frame.
– Price is still moving within the blue fifth wave.
– When combined with D1’s bullish momentum reversal signal, the fifth wave may continue higher.
Wave structure on H4 frame
– In the blue fifth wave, the H4 structure consists of five yellow sub-waves.
– Price is currently within the fifth yellow wave range.
– The yellow fifth wave may continue to rise as H4 momentum prepares to reverse upward.
However, price channels must be carefully monitored. If the price rises and then moves back into the channel, this may be a signal that the fifth yellow wave has completed.
Wave structure on H1 frame
– In the fifth wave of yellow we can identify five sub-waves of purple.
– Price is currently in the final stages of the fourth violet wave and is preparing to enter the fifth violet wave.
3. Important Price Targets and Areas
– The fifth purple wave target: 4737
– Based on the volume profile, the area between 4641 – 4661 represents Liquidity Void / FVG.
– The price is currently rejected by this area, which indicates that the 4661 level is a strong support area.
– When strong support in the FVG area combines with momentum in H4 that is approaching oversold saturation and ready to reverse upward, this area is ideal for looking for buying opportunities targeting the completion of the fifth wave.
4. Trading plan
– Purchase settings: 4667 – 4665
– Stop loss: 4647
– Take Profit 1: 4687
– Take Profit 2: 4737
