Overall uptrend structure, price was forming a series of higher highs & lows. Price made a new higher high @ 18450, but failed to continue the uptrend impulse stage & sellers push price back underneath the previous all time high zone. Since then, sellers have now pushed price back & is currently invalidating the uptrend today by breaking the last higher low & support structure zone. If todays candle closes below structure, the next daily open, price may retest the previous support zone as new resistance on the lower timeframe, & shift the trend back to the downside. On the monthly timeframe, quite is a bit overextended with buyers, and a correction may be coming.
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4 Hour: Potential scenario for tomorrow, looking for a retest into the major support structure zone as resistance on the lower timeframe for a continuaiton lower.
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Target 1 reached from retest zone, +100 pips
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15 Min supply zone correlated to the daily retest zone mentioned perfectly, where multiple rejections occured & price picked up volatility recently to push down into the next area of lower timeframe support. If price can build up more momentum & break the blue zone we can see a further push down.
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4 Hour:
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Bearish scenario posted yesterday (photo under caption) playing out as anticipated so far, now we will see after this 4 hour close if bearish momentum will return & push price lower again.
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What a move, over 700 pips to the downside after the structure break & retest