In the chart analysis, I am examining the recent uptrend movement in the 1D timeframe.
We can observe a clear pattern of 5 impulse waves, with the fifth wave forming an Ending Diagonal. This indicates an upcoming change in the trend direction.
The price has broken below the lower trendline of the Ending Diagonal, reaching the target of the origin point of Diagonal Wave 1 as anticipated.
This confirms that our analysis is on track.
Currently, I anticipate the price to reach a level between 2007 and 20024, where it will retest the lower trendline of the Diagonal and complete Wave X of the correction.
Subsequently, we expect to see the price decline to at least 1880, which will complete Wave Y of the correction.
If the price continues to decline further, with a 1D or 4H candle closing below 1875, it is crucial to consider the possibility of being in a downtrend with 5 impulse waves.
In such a scenario, I anticipate that our Wave 3 will conclude between 1830 and 1800, followed by a corrective Wave 4, which could retrace to around 1880 before continuing its downward move to complete Wave 5 near 1680.
Note: Critical Point of Analysis: 1D or 4H candle closing above 2048/2050.
We can observe a clear pattern of 5 impulse waves, with the fifth wave forming an Ending Diagonal. This indicates an upcoming change in the trend direction.
The price has broken below the lower trendline of the Ending Diagonal, reaching the target of the origin point of Diagonal Wave 1 as anticipated.
This confirms that our analysis is on track.
Currently, I anticipate the price to reach a level between 2007 and 20024, where it will retest the lower trendline of the Diagonal and complete Wave X of the correction.
Subsequently, we expect to see the price decline to at least 1880, which will complete Wave Y of the correction.
If the price continues to decline further, with a 1D or 4H candle closing below 1875, it is crucial to consider the possibility of being in a downtrend with 5 impulse waves.
In such a scenario, I anticipate that our Wave 3 will conclude between 1830 and 1800, followed by a corrective Wave 4, which could retrace to around 1880 before continuing its downward move to complete Wave 5 near 1680.
Note: Critical Point of Analysis: 1D or 4H candle closing above 2048/2050.
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