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momentum
The momentum of D1 is currently upward. Therefore, the upward or sideways movement will continue until D1 momentum enters the overbought zone.
H4 momentum is also moving higher. Therefore, the upward trend may continue until the H4 momentum enters the overbought zone.
Momentum is now rising in the first half and the bullish reversal has been confirmed. Therefore, the uptrend may start from the H1 frame and continue until the H1 momentum enters the overbought zone.
Elliot wave structure
Wave structure on D1
The momentum of D1 has reversed upward, and today is the third day of this upward momentum. However, the candles in this uptrend have not yet clearly indicated that a new uptrend has begun.
This is not enough to draw a firm conclusion, but it is a warning sign that the correction phase may continue.
Typically, in a single momentum cycle, the fourth or fifth day is accompanied by strong volatility. Therefore, we will continue to monitor the market.
Wave structure on H4
Although the H4 momentum is currently upward, the price action is not strong enough to show the characteristics of the third wave.
Now, we need to see a close above the 4576 level. After the price closes above this level, if there is a strong and sharp upward move, showing the characteristics of a third wave continuation, then we will have a stronger basis to confirm that a new uptrend is forming.
If this does not happen, the market may still be in a correction phase and prices may continue to fall towards lower target areas.
Wave structure on H1
The bullish structure 12345 in black could be Wave 1 or Wave A in blue. After this, the downside may be blue wave 2 or wave B.
Currently, the momentum of D1 and H4 is still upward. Therefore, we expect that the next upwave will be the blue C or 3 wave, and we will trade according to this plan.
We have been able to capture the corrective motion of wave 2 or wave B. Currently, within the bearish structure, a black ABC correction structure is forming.
When the price breaks above the 4545 level, we will continue to increase the position as shown in the chart.
Potential target areas are:
TP1:4607
TP2:4650
Stop loss Stop loss is located at the bottom of the black C wave.
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