GOOD LUCK AND MERRY CHRISTMAS
Since our CHOCH, the market has been forming a fairly strong impulsive upward wedge pattern. Considering that the market was overbought on the H1, H4, andD1 timeframes, and also that we are still at one extreme of the market, my conclusion is as follows:
In the coming weeks, the price will drop aggressively towards at least the 1.17035 area. If this first support level is broken, it could fall to the next extreme of the market (last blue line).
As soon as the H4 chart passes my 50 EMA, I will only look for sales; if we don't even break the red line, I will continue buying cautiously.
Extra: I already had a CHOCH in H1, I just need H4 to confirm.
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The kite rises in the direction the wind is blowing.
Since our CHOCH, the market has been forming a fairly strong impulsive upward wedge pattern. Considering that the market was overbought on the H1, H4, andD1 timeframes, and also that we are still at one extreme of the market, my conclusion is as follows:
In the coming weeks, the price will drop aggressively towards at least the 1.17035 area. If this first support level is broken, it could fall to the next extreme of the market (last blue line).
As soon as the H4 chart passes my 50 EMA, I will only look for sales; if we don't even break the red line, I will continue buying cautiously.
Extra: I already had a CHOCH in H1, I just need H4 to confirm.
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The kite rises in the direction the wind is blowing.
Upper boundary: 1.1795 – 1.1815
Lower boundary: 1.1605 – 1.1620
Below 1.1780 → bearish bias
Above 1.1740 → bullish structure still valid
BOS DOWN (H1 + M15)
Key S/R flip level
Target 1 (EQL)~1.1740-30
Invalidation is unlikely.
Sell-side: below 1.1730 → toward the H4 HL
“Sell-side below 1.1730 means that stop-losses are sitting there, and the market has a reason to go there — not to enter there.
Micro acceptance
Bulls:
