On the Monthly chart, we are trending up making HHs and HLs.
Price is currently sitting at a Major Buy zone.
We are rejecting the Monthly Supply & Demand zone as support now.
Buy orders are waiting to get filled in.
Our main bias will be Long for this one.
Price is currently sitting at a Major Buy zone.
We are rejecting the Monthly Supply & Demand zone as support now.
Buy orders are waiting to get filled in.
Our main bias will be Long for this one.
Comment:
The Daily chart is also looking pretty good for long set-ups.
We broke the descending trend (line) and the last LH impulsively as indication.
Best case scenario would be an Inverse Head & Shoulders pattern as confirmation.
We want to take the precise entry on the 4H chart if we do receive this Inverse Head & Shoulders pattern on the Daily chart.
We broke the descending trend (line) and the last LH impulsively as indication.
Best case scenario would be an Inverse Head & Shoulders pattern as confirmation.
We want to take the precise entry on the 4H chart if we do receive this Inverse Head & Shoulders pattern on the Daily chart.
Everything between the 2 grey boxes can be relief for more upside momentum.
The bigger driver is Bullish in this case.
We have rejected the S&D zone and we have received a solid Bullish candle.
You can see the Bullish Fake Out Flag and the psychology behind it very clear on this Weekly chart:
Big Bullish impulse followed by a clear low and a clear high.
Then a false break to get retail traders at the wrong side of the market and to provide liquidity for banks/institutes, followed by a retrace candle as confirmation.
These are all clear indications for me that the Bulls gaining power for a solid move to the upside.