BULLISH INDICATOR (Sep 03)
1. There is some hope shown for trend reversal on June 1st 2023 (Last LL @ 7.00), and a new short series of HH, HL, HH was formed, making new HH @ 16.18.
2. The Heikin Ashi candles are showing bearish momentum is slowing down.
3. ABCD harmonic bullish reversal been spotted.
4. BEARISH TRENDLINE BREAKOUT: A confirmed breakout from the bearish trend line happened on Mar 31st 2023. Now expect the price to go into a CONSOLIDATION ZONE before it will either move in Bullish or bearish directions.
a. The price-action will stay in a Box pattern of CONSOLIDATION between 7.00 - 16.20, and this can last for a couple of weeks.
b. If the price will break UP beyond 16.20, then Bullish trend is expected.
5. On 4 hr chart there is bullish divergence but do not enter until there is a bullish breakout on daily timeframe as mentioned above.
6. Price action has touched 200 EMA line. If Price will stay above 200 EMA and shows an uptrend, and at least one sequence of HL-HH-HL-HH, then bullish trend is expected.
BEARISH INDICATOR (Sep 03)
1. Price Action was making a series of LL-LH-LL-LH, and the bearish trend slowed on June 1st 2023, but so far LH (22.74) of Sep 15, 2022 is not broken.
a. Last LH (16.18) was made on Aug 04, 2023.
b. There was a brief bullish run between June 01 - Aug 04 2023, but then next HL was not formed, and last HL @ 9.49 got broken on Aug 29th, @ 9.46.
c. A HEAD and SHOULDER Pattern has been spotted, which can further push price in bearish direction.
d. Hence Bearish trend continues.
2. There was a bearish trendline, starting from Jan 04, 2021 and a breakout happened on Mar 26th.
a. The Price will stay in a Box pattern in CONSOLIDATION between 7.00 - 16.20, and this can last for a couple of weeks.
b. If the price will break DOWN, below 7.00, then a continued bearish trend is expected.
3. On Fib Levels, price retraced to 61.8% level and then reversed in bearish direction.
4. There is also similarity with Bearish Rectangular Continuation pattern, which can lead to further bearish trend.
5. There was a Bearish divergence between Jun 16th and July 13th.
PREDICTIONS
1. In summary, the bearish and bullish biases are equal.
2. My main assessment is that Price action has entered in a CONSOLIDATION (sideways range) phase between 7.00 - 16.20 and it will stay in this phase for a couple of weeks.
BIAS 1 = LONG - PLAN-A prepare a pending BUY-STOP at 16.79. SL=9.51
BIAS 2 = SHORT - PLAN B, prepare a pending SELL-STOP between 6.82 to 7.00 based on your RR and SL around 13.41.
1. There is some hope shown for trend reversal on June 1st 2023 (Last LL @ 7.00), and a new short series of HH, HL, HH was formed, making new HH @ 16.18.
2. The Heikin Ashi candles are showing bearish momentum is slowing down.
3. ABCD harmonic bullish reversal been spotted.
4. BEARISH TRENDLINE BREAKOUT: A confirmed breakout from the bearish trend line happened on Mar 31st 2023. Now expect the price to go into a CONSOLIDATION ZONE before it will either move in Bullish or bearish directions.
a. The price-action will stay in a Box pattern of CONSOLIDATION between 7.00 - 16.20, and this can last for a couple of weeks.
b. If the price will break UP beyond 16.20, then Bullish trend is expected.
5. On 4 hr chart there is bullish divergence but do not enter until there is a bullish breakout on daily timeframe as mentioned above.
6. Price action has touched 200 EMA line. If Price will stay above 200 EMA and shows an uptrend, and at least one sequence of HL-HH-HL-HH, then bullish trend is expected.
BEARISH INDICATOR (Sep 03)
1. Price Action was making a series of LL-LH-LL-LH, and the bearish trend slowed on June 1st 2023, but so far LH (22.74) of Sep 15, 2022 is not broken.
a. Last LH (16.18) was made on Aug 04, 2023.
b. There was a brief bullish run between June 01 - Aug 04 2023, but then next HL was not formed, and last HL @ 9.49 got broken on Aug 29th, @ 9.46.
c. A HEAD and SHOULDER Pattern has been spotted, which can further push price in bearish direction.
d. Hence Bearish trend continues.
2. There was a bearish trendline, starting from Jan 04, 2021 and a breakout happened on Mar 26th.
a. The Price will stay in a Box pattern in CONSOLIDATION between 7.00 - 16.20, and this can last for a couple of weeks.
b. If the price will break DOWN, below 7.00, then a continued bearish trend is expected.
3. On Fib Levels, price retraced to 61.8% level and then reversed in bearish direction.
4. There is also similarity with Bearish Rectangular Continuation pattern, which can lead to further bearish trend.
5. There was a Bearish divergence between Jun 16th and July 13th.
PREDICTIONS
1. In summary, the bearish and bullish biases are equal.
2. My main assessment is that Price action has entered in a CONSOLIDATION (sideways range) phase between 7.00 - 16.20 and it will stay in this phase for a couple of weeks.
BIAS 1 = LONG - PLAN-A prepare a pending BUY-STOP at 16.79. SL=9.51
BIAS 2 = SHORT - PLAN B, prepare a pending SELL-STOP between 6.82 to 7.00 based on your RR and SL around 13.41.