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momentum
– Momentum in the weekly frame (W1) is approaching a close and showing signs of reversal.
→ If next week’s candle closes bullishly, a multi-week uptrend or sideways move is likely.
– Momentum on the daily frame (D1) is currently declining.
→ This indicates that 4 to 5 daily candles may move downward or move sideways.
– Momentum is rising on the four-hour frame (H4).
→ The short-term uptrend is expected to continue over the next 2 to 3 H4 candles.
Elliot wave structure
Frame of the Week (W1)
– By analyzing the weekly structure, we find that the ABC model has been completed.
→ If the momentum reversal is confirmed next week, a 3-5 week end could be in the cards.
→ If momentum continues to rise and enters overbought territory, price breaks above the top of wave B:
→ This indicates the beginning of a new uptrend.
Daily Frame (D1)
– Daily motivation starts to drop.
→ This indicates the possibility of daily peak formation.
– The 5-wave structure (1-2-3-4-5) of wave C appears on the daily chart (red).
→ WXY correction mode (3 waves) is also completed.
→ As daily motivation drops:
→ Wave 4 is most likely over.
→ The market may enter a bearish wave 5, which may last about 4 to 5 days.
→ Wave 5 target: Area 3983
Four hour frame (H4)
– If wave 4 has been completed, the target at the top can be estimated as follows:
→ 4308 (Fibonacci 0.382)
→ 3983 (Fibonacci 0.618)
– Momentum for H4 is currently rising.
→ Price may continue to rise or move sideways for another 1 to 2 H4 candles.
→ Therefore, the target areas in the previous plan are still valid.
→ However, the market will be closed starting from Thursday (about 3 days),
→ Current price data are therefore less reliable.
→ Better to wait for the open for clearer confirmation.
main scene
– The decline in wave 5 may coincide with the decline in daily momentum (D1).
→ When the day’s momentum enters the oversold zone:
→ You must monitor the prevailing price levels to find suitable buying opportunities.