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momentum
The momentum of D1 is currently declining and has dropped 3 candles. The number of significant candles that could end the current bearish cycle of D1 Momentum could be 5 or 8 candles.
H4 momentum is currently bullish, so upward or sideways movement may continue for 1 to 2 H4 candles.
The momentum is now reversing in the first half. If the reversal is confirmed at the close of the current candle, we may see the H1 frame to the upside.
Elliot wave structure
Wave structure on D1
Currently, prices are still trading sideways in a sideways range. Additionally, D1’s momentum is declining, so we first wait for D1’s momentum to fall into oversold territory.
If the price does not make new lows, a new uptrend is likely to form.
However, if the price breaks below new lows, the price may move towards lower targets. Since the current number of down candles on D1 is 3, there is a possibility of severe fluctuations at the end of trading in the next day or two, which requires us to be very careful.
Wave structure on H4
Since the downward movement from the high we labeled Wave C, the current rally has failed to break above the previous high to form a new higher high. So, so far, the current wave numbering structure has not broken down.
We are waiting for H4 momentum to rise into overbought territory. Well, if the price does not make new highs, it would be a good condition to look for selling opportunities based on the H4 momentum.
Wave structure on H1
The current sideways trend may be wave B or wave 2. The current target area is around the 4750 level. This area is the confluence of important liquidity areas and acts as a resistance area.
The momentum turned upward in the first half of the year. As the price approaches the 4750 area, we expect an upward move, ideally around 5 first half candles.
Then we will have a very good sales area.
trading plan
Sales area: 4750 – 4748
Level: 4775
TP1:4696
TP2:4684
TP3:4597
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