🔹 Wave Structure:
The chart shows a clear corrective structure unfolded, currently developing as a complex correction (likely WXY or an ABC):
Wave A: Strong impulsive move to the downside
Wave B: Ongoing corrective rally (possibly a flat or zigzag)
Wave C (anticipated): Final downward leg yet to unfold
🟩 A green target box marks the potential end zone of the correction, aligning with a horizontal support level around 85.35.
📊 Indicators:
🔸 MACD:
Currently showing a bullish crossover (MACD line above the signal line) → supports the idea of a temporary B-wave rally.
Momentum is not very strong → another hint that the move might be corrective, not impulsive.
Watch for a bearish crossover as a possible trigger for the start of Wave C.
🔸 RSI:
RSI is recovering from lower levels, signaling short-term strength.
No overbought condition yet → allows more room for the B-wave to extend.
Key Watch: If RSI enters overbought territory while MACD turns down, it could mark the start of the C-wave drop.
🎯 Summary & Outlook:
We are likely in the final phase of Wave B.
Expectation: One last downward move in Wave C towards the green zone.
That area could offer a strong long opportunity, but only after clear confirmation (e.g., divergence, impulsive reversal, rising volume).
📌 Potential Strategy:
❌ No long entries yet – risk of another drop in Wave C.
🔔 Set alerts around 85–60 – monitor for reversal signs.
📈 Upon confirmation: potential entry for the next larger impulsive wave.
The chart shows a clear corrective structure unfolded, currently developing as a complex correction (likely WXY or an ABC):
Wave A: Strong impulsive move to the downside
Wave B: Ongoing corrective rally (possibly a flat or zigzag)
Wave C (anticipated): Final downward leg yet to unfold
🟩 A green target box marks the potential end zone of the correction, aligning with a horizontal support level around 85.35.
📊 Indicators:
🔸 MACD:
Currently showing a bullish crossover (MACD line above the signal line) → supports the idea of a temporary B-wave rally.
Momentum is not very strong → another hint that the move might be corrective, not impulsive.
Watch for a bearish crossover as a possible trigger for the start of Wave C.
🔸 RSI:
RSI is recovering from lower levels, signaling short-term strength.
No overbought condition yet → allows more room for the B-wave to extend.
Key Watch: If RSI enters overbought territory while MACD turns down, it could mark the start of the C-wave drop.
🎯 Summary & Outlook:
We are likely in the final phase of Wave B.
Expectation: One last downward move in Wave C towards the green zone.
That area could offer a strong long opportunity, but only after clear confirmation (e.g., divergence, impulsive reversal, rising volume).
📌 Potential Strategy:
❌ No long entries yet – risk of another drop in Wave C.
🔔 Set alerts around 85–60 – monitor for reversal signs.
📈 Upon confirmation: potential entry for the next larger impulsive wave.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.