IT IS A PURELY TECHNICAL STANCE:
With quite a few confluences. We have had an apex formation, after the break of an apex, we anticipate a 2 stage move in the direction of the break, notice the measured leg target for the break and the first move. I am anticipating lower lows to form as we draw towards target 1 bullish OB since we have tapped into the internal range liquidity of the range of rally 1 and had a strong reaction. I anticipate price to break the most recent low because it is not a valid order block i.e the momentum from this pullback did not go ahead and break an intermediate high which would have signalled a potential bullish structure break.
also, the previous intermediate-term low that we are presently balancing on at 6800 is a reaction at the upper 25% of the entire bullish rally; if it doesn't hold we should get discount or at least equilibrium level.
notice I also used IPDA to find the probable arayys.
With quite a few confluences. We have had an apex formation, after the break of an apex, we anticipate a 2 stage move in the direction of the break, notice the measured leg target for the break and the first move. I am anticipating lower lows to form as we draw towards target 1 bullish OB since we have tapped into the internal range liquidity of the range of rally 1 and had a strong reaction. I anticipate price to break the most recent low because it is not a valid order block i.e the momentum from this pullback did not go ahead and break an intermediate high which would have signalled a potential bullish structure break.
also, the previous intermediate-term low that we are presently balancing on at 6800 is a reaction at the upper 25% of the entire bullish rally; if it doesn't hold we should get discount or at least equilibrium level.
notice I also used IPDA to find the probable arayys.