Elliot Wave, Demand and Supply, SMC and ICT in agreement

I will be using 3 strategies//concepts to analyze price here

Demand and Supply Strategy

Price is currently trapped within a demand and a supply region and both regions are currently bouncing Price about but one needs to break in order for Price to continue trending.

I favor the demand zone to break because
1. We are currently in a downtrend
2. The rejections from the demand zone are weak compared to the rejections from the supply zone which were sharp and fast

I would suggest selling from 1926- 1928 because Price would retest the Supply zone to pick up more orders before it shoots down towards the next demand zone at 1905-1907

Elliot Wave Strategy

Price is currently running 5 waves down, and looking at the chart we have highlighted and completed wave i through to iv.

Wave ii retraced 61.8% of wave i which means wave iv would retrace not more than 50% of wave iii which we saw last Friday when Price peaked at 1929.69

We can see a divergence in Price and MACD of wave ii and wave iv, which means a continuation of downtrend is inbound and according to Elliott wave, its the beginning of wave v down to 1907-1905 region which marks the 1.272 extension of wave 1

SMC and ICT

From the 15mins chart, it can be seen that Price has done a CHoCH/MSS, and it left an area of FVG/Imbalance in a discount area while doing that.

We expect Price to trade back into that FVG/Imbalance and mitigate the 5min OB before we see another massive move to the downside

RIsk Management is advised

I would love to hear your thoughts 🤔 on this, so feel free to leave a comment ✍ if any of the concepts makes sense to you or not.

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Handel aktiv:

Price has given a reaction at the supply zone and it also closed below after taking New York's liquidity

Kommentera:

First TP achieved 🤑💰💰💰

Trade stängt: målet nått:

Final target reached 💰🤑💰✅. Follow me for more