For me, the most likely is that the price will go down to test liquidity levels and my last short is open at 27190. Now a base is being formed on the 4H timeframe and it already has 3 points. We have 2 scenarios:
1. There will be no 4 points or it will be pressed down (a liquidity test on smaller timeframes within the base will be enough for the price);
2. The 4th point will be formed and then the exit will be down.
Cancellation of short scenarios will be going up beyond 27648, consolidating and then returning beyond tests of the upper border of the base or its liquidity zone. After such a scenario, there will be little to keep the price from above and it is quite likely that it will go overboard.
Why is the short scenario now the most likely?
If you look at the larger 1D timeframe, you can clearly see that the price has already broken the early trend breaking level (26933), almost broke the main one (26474) and in total nothing is stopping the price from further correction. You and I already know that the price moves from liquidity to liquidity and does not reverse in the air, so these are the nearest liquidity levels, they are also support: 25300, 24700, 23000. These values should be expected in the near future, in our opinion.
I have attached all the screenshots with the symbols above for you. Please like if you like this analytics format!
Not financial advice.
