Expectation:
If GRT cannot stabilize within the Green GKL, the structure will collapse, and we will continue the overarching downward movement towards the red target levels.
If GRT cannot stabilize within the Green GKL, the structure will collapse, and we will continue the overarching downward movement towards the red target levels.
Trade active
The situation with GRT is as follows: we’ve overshot our green target levels, entering what’s known as the overshoot zone. This is a common occurrence when a move carries significant momentum—nothing to be overly concerned about.What’s crucial now is our red structure. While we’ve moved beyond the reversal zone, the structure remains active as long as we don’t print a higher high than Point X on the chart. This suggests that we can expect a correction from here.
At this stage, the green structure can be disregarded, as its target levels have been achieved. The next step is to plot a new Fibonacci retracement from the low to the high, defining a new reversal zone to trade from and identifying fresh target levels.
I’ll take a closer look at this setup in a separate post.
Here, I share my market outlooks, highlighting key levels and directions I'm watching. This isn't financial advice—just my perspective. Don't follow blindly; always do your own research.
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.
Here, I share my market outlooks, highlighting key levels and directions I'm watching. This isn't financial advice—just my perspective. Don't follow blindly; always do your own research.
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.