momentum

D1 time range

Momentum in the D1 frame is currently shifting to the upside. If today’s D1 candle closes bullishly, this reversal will be confirmed. In this case, we can expect the uptrend or sideways movement to continue for at least a few days.

H4 time frame

The H4 framework is still losing momentum. Therefore, we may need an additional 2-3 H4 candles to push into oversold territory before a bullish reversal occurs.

H1 time frame

Momentum for the H1 framework is currently on the rise. In the short term, we may see a bullish or sideways move in this framework.

wave structure

D1 structure

The overall structure is still adjusted to the ABC shape without any changes. However, it should be noted that if the D1 kinetic energy reversal is confirmed to be upward, the B wave is likely to continue, and it is likely to form a triangle pattern.

H4 structure

As D1 prepares for a bullish reversal, we expect an extended triangle correction structure to emerge.

Configuration conditions:
– Price continues to rise slightly or moves sideways
– The price remains at the highest level of 4839
– Price is approaching the upper boundary of the triangle, as shown in the picture

H1 structure

If D1’s bullish momentum is confirmed, we may see an upward or sideways move that lasts at least a few days.

The expected target of this trend is around 5345 points.
Basic conditions:
– Price stabilizes above 4839
– Breaking through the strong resistance level of 5078

trading plan

We would trade based on a bullish momentum shift on the H4 framework.

plan:
– Waiting for H4 momentum to enter the oversold zone
– Monitor first half momentum reversal from oversold territory
– Enter when price and momentum align

The 4916 level is considered a potential buying area as it represents an area of ​​convergence between the following factors:
– Highly liquid areas
– Fibonacci retracement level of the previous bull market at 0.618

It is best to wait for price and momentum to converge before entering.

Buying area: 4917 – 4915
Stop loss: 4885
First target: 5078
Second target: 5345

Source link