Monthly Bearish Market Structure EN - JW

2月4日

Analyzing the monthly candle, I see that it retraced and wicked the 62% based on my fib. This was a pullback for November's and December's 2023 bearish candles. The January candle was bullish. Now for February I believe it will be a bearish candle and will sell. Right now, the monthly timeframe isn't the best to see my idea, so I dropped down to the weekly timeframe. On the weekly you can see ICT's understanding of a bearish market structure. We created temporary highs and then immediately broke the equal lows. The temporary high that was broken followed by an impulsive move breaking previous lows shows us Cho-CH (change of character) ICT wants to see a run above an old high and then an immediate Cho-CH. That's what the market has shown me. Now I expect price to sell to the next old low (1st TP) and then eventually sell to the previous swing low.