This is the Yearly chart and it carries so much weight.
We can see price traded lower into a deep discount of the range and we were stuck in a range for 8 Years dating back to 2015.
Looking more closely, this range where price has been trapped is a battle between the Imbalances (Grey zones).
Discount Imbalance sends price into premium imbalance and also subtly...
Going off the weekly order flow, price reached into and rejected off of Mon 14th Nov '22 Bearish order block, on the second push clearing Buyside liquidity resting at Mon 2nd Jan '23 old high.
Price melted lower off the --OB and left a double bottom on its way back to the Premium -OB in the range (Mon 20 Feb '23), The reaction off this level caused a 3-day...
After reaching into the 4H imbalance in the form of a Fair Value Gap twice and on the second attempt clearing out sellside liquidity in the form of Friday the 23rd's Old Low and printing strong bullish candles, I expect to see continued bullishness going into next week targeting the intermediate high at 1.0976 and then we may continue higher for the higher...
We currently have GJ on a downtrend on the 4H and its in its retracement phase.
Going into the 1H, we can see price created a high then a failed higher low because price failed to create the higher high followed by an Uber impulsive move down that broke structure. after that strong move down that signals potential bearish continuation, price correctively started...
Price broke the buy structure on the monthly and went to take the buy-stop liquidity sitting at the resistance.
We are going to see price go to mitigate the OB or the Breaker then take the move down either buy just shooting straight for the Launchpad or by rejecting from this present weekly lower high OB and then rejecting to its lows before heading for the Launchpad
