Y wave with target (E) within stipulated time.
The price is currently hovering around the Kumo, which suggests a transitional phase. The cloud’s thickness indicates potential volatility or indecision in the market.
The Tenkan-sen and Kijun-sen are relatively close, indicating a potential crossover that could signal a bullish or bearish move.
Recent volume indicates increased trading activity, particularly during upward movements, which suggests strong buying interest.
Current volumes are subdued compared to the initial bullish wave, indicating reduced market interest.
A descending parallel channel is drawn. Breakouts above the upper boundary may signal a bullish reversal.
Bullish Scenario:
Entry: Break above 0.45 with strong volume, ideally supported by the price closing above the Kumo.
Targets:
First Target: 0.637 (0.886 Fibonacci level).
Second Target: 0.665 (target E).
Stop-Loss: Below the (D) level at 0.40.
Bearish Scenario:
Entry: Rejection at the channel's upper boundary near 0.45 or failure to hold 0.40.
Targets:
First Target: 0.35.
Second Target: 0.30 (previous support).
Stop-Loss: Above 0.46.
The price is in a corrective phase within a downtrend channel. Watch for a breakout from the channel or the Kumo for confirmation of the next direction. Target (E) at 0.665 serves as the ultimate bullish target within the Y wave pattern.
The price is currently hovering around the Kumo, which suggests a transitional phase. The cloud’s thickness indicates potential volatility or indecision in the market.
The Tenkan-sen and Kijun-sen are relatively close, indicating a potential crossover that could signal a bullish or bearish move.
Recent volume indicates increased trading activity, particularly during upward movements, which suggests strong buying interest.
Current volumes are subdued compared to the initial bullish wave, indicating reduced market interest.
A descending parallel channel is drawn. Breakouts above the upper boundary may signal a bullish reversal.
Bullish Scenario:
Entry: Break above 0.45 with strong volume, ideally supported by the price closing above the Kumo.
Targets:
First Target: 0.637 (0.886 Fibonacci level).
Second Target: 0.665 (target E).
Stop-Loss: Below the (D) level at 0.40.
Bearish Scenario:
Entry: Rejection at the channel's upper boundary near 0.45 or failure to hold 0.40.
Targets:
First Target: 0.35.
Second Target: 0.30 (previous support).
Stop-Loss: Above 0.46.
The price is in a corrective phase within a downtrend channel. Watch for a breakout from the channel or the Kumo for confirmation of the next direction. Target (E) at 0.665 serves as the ultimate bullish target within the Y wave pattern.
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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.
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.