What you are seeing here is a classical bullish PA setup. Prices have hit a low right in a MAJOR SR Structure zone and is bouncing from there. After a small retreat off that SR zone, prices are retesting it again. Should it get rejected again, then can expect prices to rise from there. This is classical bullish PA.
WAVE COUNT
On the larger time scale (see the 4HR Chart below), the wave (4) could be complete now at this MAJOR SR Structure level. And the wave (5) could be just beginning.
PATTERNS
The Shark pattern has been filled and now looking for the 5-0 pattern fill. Here on the 1HR chart above, within the Bullish PA action, there is a COMPLETED Bat but there is also a POTENTIAL Bat that completes lower at the .886 level of the G-Zone. This could mean that prices CAN drop more but should stay inside our stop loss area.
4HR Chart
WAVE COUNT
On the larger time scale (see the 4HR Chart below), the wave (4) could be complete now at this MAJOR SR Structure level. And the wave (5) could be just beginning.
PATTERNS
The Shark pattern has been filled and now looking for the 5-0 pattern fill. Here on the 1HR chart above, within the Bullish PA action, there is a COMPLETED Bat but there is also a POTENTIAL Bat that completes lower at the .886 level of the G-Zone. This could mean that prices CAN drop more but should stay inside our stop loss area.
4HR Chart
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