Good morning, traders. There isn't a whole lot to touch upon today. This morning we are seeing price finally reaching the initial bounce level I have been talking about. The H4 RSI
fell through the purple horizontal line and is printing hidden bullish divergence
, as I have been waiting for, but there is still another 1H20M left in the candle so anything can still happen. In terms of the RSI
, it is sitting just above oversold at 30.5. We can see price bouncing at the S1 pivot
. H4 Stoch RSI
is oversold but does have room to fall a bit further. H1 RSI
and Stoch RSI
are strongly oversold. The same can be said for shorter TFs. If we look at an alternate count to yesterday's, then price has now advanced
into the possible Wave 1 which invalidates the count most times. However, if this first five waves is part of a larger leading diagonal
, then violation of wave 1 by wave 4 is acceptable and often the result. We can see that a bounce from this current level would make such a leading diagonal
) possible. In that case, we would still be looking for the ~$13065 target just above the R2 pivot
Much will depend on how the current and following H4 candles play out. We should get a bounce sooner rather than later, but that be all it is or will price head toward the $13K target? That's to be seen. Currently, price is doing exactly what I have been mentioning that I have been waiting for so we just need to see follow through now. When looking at the daily TF, price just bounced off the pivot
so continuation to the upside should confirm a bullish trend
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