⚠️ Good time to my highly respected and strongest community in the world ⚠️
➡️ According to yesterday's post in our community, we discussed a local long within the 1D timeframe with the potential to evolve into something more global. However, the publication of inflation data on April 10th could or should influence this, as it seems to me. I'll try to write a post tomorrow before the events; if not, circumstances will explain. Otherwise, it might all have been within the scope of "long noise" on the 1D timeframe – something we'd prefer to avoid.
➡️ Regarding the market behavior until Wednesday, we highlighted two scenarios in the post, namely: "...the simplest and most visible option is a movement in the range of 72200-73650 with a subsequent pullback to 68180-68830. This scenario fits into the theory of "noise in the form of a local long on the 1D timeframe." As we can see, this is what we're experiencing (see screenshot). Of course, it would have been ideal to immediately hit the lower block and then move upward, but things unfolded as they did. It would be perfect to close the 1D timeframe today at least $1 above 69700, but whatever happens, happens.
➡️ Overall, the correction situation before the inflation data is, in my view, positive. It's much worse if we experience a steep rise followed by a fall. Knowing that the data is expected to be negative can play into a "positive on the negative" scenario, especially considering everything is in place for it. Currently, the correction within the 4H timeframe looks decent, but that doesn't mean it's the end, nor does it mean it's not! This is trading, not rolling dung balls (C) Beetle-tmole.
⚠️ But I wouldn't discount the area of 68200-68000 and even 66400-66000 just yet.
#Write2Eearn #TradingCommunity #MarketAnalysis #InflationData #LongTermTrading
