The Buy Back Zone is currently serving as a strong demand area and should be closely monitored for informed decision making. This zone has acted firmly as support, providing a solid base for the completion of the wave (4) correction, which concluded precisely at the lower boundary of the descending channel.
We now anticipate the development of a breakout structure within the descending channel (a corrective flag), suggesting the initiation of wave (5) with an upside projection toward $120,661.
A decisive breakout and successful retest above $107,570 will validate bullish momentum and pave the way for continuation towards $110,314, and eventually the $120K zone, aligning with the full extension of the broader impulse wave.
At this stage, patience is key. Allow price action to confirm strength above resistance before committing to aggressive positioning. The bullish market structure remains intact as long as the Buy Back Zone continues to hold.
Feel free to share your thoughts, are you tracking this wave count with us?
We now anticipate the development of a breakout structure within the descending channel (a corrective flag), suggesting the initiation of wave (5) with an upside projection toward $120,661.
A decisive breakout and successful retest above $107,570 will validate bullish momentum and pave the way for continuation towards $110,314, and eventually the $120K zone, aligning with the full extension of the broader impulse wave.
At this stage, patience is key. Allow price action to confirm strength above resistance before committing to aggressive positioning. The bullish market structure remains intact as long as the Buy Back Zone continues to hold.
Feel free to share your thoughts, are you tracking this wave count with us?
Order cancelled
Although price remains within the buy-back zone, the rejection around 106,700 is significant and can't be overlooked. Since that rejection, price has begun forming a potential bearish setup, though it's not yet confirmed. The current plan is to stay patient and let the market reveal a clearer direction. Key levels to monitor closely are $103,100 and $106,770.
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Forex zone: t.me/+piiPgrNtrulkNDk0
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📩 Promotion/Partnership: t.me/WESLAD
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.