On the weekly - broke a major high, and now broke back below (run on massive liquidity)
- Also created lot of imbalance (yellow area) with a tiny Orderblock inside which also could be respected IF the market were to come all the way down here.
- Testing an Orderblock
On the Daily - Created an M pattern with a higher right leg (no more liquidity above this level) later closing below. It gave a strong impulse down with a slow correction. Now we are testing the neckline which also lines perfectly up with EQUILIBRIUM (50%) of the fibonacci. We could see a move lower from here.
TP points: - All the lines (Sell side liquidity)
- Imbalance
- Tiny Orderblock INSIDE imbalance
Do own research*
- Also created lot of imbalance (yellow area) with a tiny Orderblock inside which also could be respected IF the market were to come all the way down here.
- Testing an Orderblock
On the Daily - Created an M pattern with a higher right leg (no more liquidity above this level) later closing below. It gave a strong impulse down with a slow correction. Now we are testing the neckline which also lines perfectly up with EQUILIBRIUM (50%) of the fibonacci. We could see a move lower from here.
TP points: - All the lines (Sell side liquidity)
- Imbalance
- Tiny Orderblock INSIDE imbalance
Do own research*
Comment:
(forgot to mention that we are also testing a trendline that was broken to the downside) :)
Comment:
Check comment below to check the Bearish divergence as well. lots of confluence for a bearish move
Comment:
Tradingview doesn't allow me to upload links in the comment section, but there's a big bearish divergence on the DAILY TIMEFRAME, using the RSI. See yourself
Comment:
Take Profit 1 & 2 Reached!