First: technical analysis

📌 The pair is moving within a strong ascending channel on the 4-hour frame and is retesting the upper boundary of the channel.
📌The main exhibition area is located at:
6,880 – 6,920 (red area on chart).
📌 Price has bounced off this area several times before → which confirms its strength.

We also noticed:

• Higher FVG indicates possible drainage prior to infiltration.
• Prices are currently overbought according to momentum indicators.

🔥Second: Elliott Wave Analysis

Most likely scenario:

🔸 We are currently in the correction wave C of a larger wave.
🔸 The current wave shows a weak upward trend (upward correction) and is not impulsive → supports the downward trend.

Expected goals for the next wave of downturn:
✔ 6,670 – 6,620
✔ If damaged: 6,540 – 6,490

🔥 Third: Time Period

⏳ Time refers to:

• Reversal cycle over the next 12-24 hours.
• Timeframe synchronization of supply zones → Reinforces bearish scenario.

🔥 Fourth: Numerical Analysis (Mathematics Level)

Nearest numeric level:

• 61.8% Fibonacci retracement of 6,880 points
• The 78.6% Fibonacci retracement is at 6,920, which is the same as the supply area → and therefore also a good area to sell numerically.

🔥 Fifth: Fundamental Analysis

✔ The index has been rising for several weeks as markets remain optimistic about rate cuts.
✔ But:

• No strong supporting data in the coming hours.
• Current market conditions are “overpriced.” → This prepares the indicator for natural corrections.

🔥 Sixth: Price Action

appearance:

• Pin Bar candle on top
• Volume doubled
• Simple breakouts for positive momentum

They are both “sell” signals, not “buy” signals.

🔥Seventh: Support and Resistance Levels

resistor

1 6,880
2 6,915
3 6,950 (cracking it will cancel the scene)

support

1 6,760
2 6,650
3 6,540
4 6,485 (final revised target)

🔥Eighth: Supply and demand areas

Main display area (sales area)

🔴6,870 – 6,920
That’s the price now.

Target/Buy Area

🟢 6,670 – 6,620
🟢 6,540 – 6,490

🔥Ninth: Focus point

✔ Trend Breakout Point: 6,920
✔ Direction confirmation point: Breaking through 6,760
✔ Bullish confirmation: 4H candle breaks above 6,950

🔥 No. 10: Pivot Zone

📌 The current key areas are:
6,800 – 6,830

break = drop
Break it = extra benefit

🔥 Recommended

🔻Recommended trades (safest based on your technical analysis):

For sale from current area 6,870 – 6,915

🎯Goal:

• TP1 = 6,760
• TP2 = 6,660
• TP3 = 6.540

🛑 Stop loss (as close and excellent as you want):
SL = 6,950

🔥 Alternative scenes

If the 4-hour candle breaks above 6,950 points:

📌 Prices will turn to strong gains:

• 7,050
• 7,120 and the transaction must be canceled or converted to a buy.
Important tips
We do not provide you with financial and investment advice
Instead, we provide you with scientific and educational content
You are the only one responsible for pressing the buy and sell buttons

analyst
Engineer Ihab
Sayed Al-Dhahab Telegram Channel

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