We have an overextended M INSIDE a normal M. We also have an impulse to the downside where we could see the market retrace back up to. The Fibonacci lines up perfectly as well. The 4H timeframe is oversold. I expect the market to eventually reach up to the box I drew where the arrow is. From here the market is likely to move back down. Should the market not react bearishly on this neckline and move through the Neckline box, I expect the market to move up into the trendline as it has lots of liquidity on it to take out. $ = Liquidity levels for the market to target.
Lets see how far the market will move down before going up. Im waiting for SOS (sign of strength) and once we have that I'll look for an intraday Long setup up into the neckline and have that as first target. If the market moves through the box after hitting my target, I'll look for the opportunity to Long up into the trendline. Later on, we should also see the horizontal $ line all the way down get taken out as a target as well.
Lets see how far the market will move down before going up. Im waiting for SOS (sign of strength) and once we have that I'll look for an intraday Long setup up into the neckline and have that as first target. If the market moves through the box after hitting my target, I'll look for the opportunity to Long up into the trendline. Later on, we should also see the horizontal $ line all the way down get taken out as a target as well.
Comment:
still waiting for bullish break of structure before im expecting the market to reach into the neckline of the M. As of now, its not yet valid, wait for LTF to break higher. Once we have a bullish BoS, I'm looking to target the area again
Trade closed: target reached:
Target of the analysis was hit !