Weekly Prediction 12/5-12/9
* Overall momentum has been bullish since week of Oct 17 as price has been steadily climbing towards monthly EQ lvl @414
* Drawing a fib starting at the last bullish OB of this IPS w/ 50 line @ the consolidation can lead me to predict that this price leg could end up rallying til about 422-424
* A rally to 422 would close the 1st FVG above weekly EQ
* This week, breaking the old high of 411.75 and finding support there is imperative for price to go into FVG above EQ at 420-422
* Bullish scenario- A rally to EQ in the beginning of the week is highly possible (+1.75%) to knock out early shorts resting above old high in BSL. (EQ resting inside BSL range from 411-420). After that could see price reverse into FVG below EQ to consolidate or continue to go into weekly rally into FVG above
* Another scenario is that this week is a consolidation midweek rally so that market can gather orders & clear liquidity on both sides of the market before going higher
* Bearish scenario- Price drops to test last bullish OB at 399 at some point during the week which should hold but if not price can continue down to 390.4 (last untested high)
* No major weekly market moving headlines this week
All ICT concepts used!
Feedback greatly appreciated!
* Red dashed line- BSL
* Solid red line- Hard resistance
* Red box- Buy side FVG
* Green dashed line- SSL
* Solid green line- Hard support
* Green box- Sell side FVG
* Purple dashed line- IRL
* Purple solid line- BMS
* Purple box- Range FVG
* Orange dashed line- Liquidity range (ERL)
* Solid orange line- TP target
* Vertical orange line- Quarter change
* Orange box- Volume Imbalance
* Teal dashed line- EQ of IPS
* Overall momentum has been bullish since week of Oct 17 as price has been steadily climbing towards monthly EQ lvl @414
* Drawing a fib starting at the last bullish OB of this IPS w/ 50 line @ the consolidation can lead me to predict that this price leg could end up rallying til about 422-424
* A rally to 422 would close the 1st FVG above weekly EQ
* This week, breaking the old high of 411.75 and finding support there is imperative for price to go into FVG above EQ at 420-422
* Bullish scenario- A rally to EQ in the beginning of the week is highly possible (+1.75%) to knock out early shorts resting above old high in BSL. (EQ resting inside BSL range from 411-420). After that could see price reverse into FVG below EQ to consolidate or continue to go into weekly rally into FVG above
* Another scenario is that this week is a consolidation midweek rally so that market can gather orders & clear liquidity on both sides of the market before going higher
* Bearish scenario- Price drops to test last bullish OB at 399 at some point during the week which should hold but if not price can continue down to 390.4 (last untested high)
* No major weekly market moving headlines this week
All ICT concepts used!
Feedback greatly appreciated!
* Red dashed line- BSL
* Solid red line- Hard resistance
* Red box- Buy side FVG
* Green dashed line- SSL
* Solid green line- Hard support
* Green box- Sell side FVG
* Purple dashed line- IRL
* Purple solid line- BMS
* Purple box- Range FVG
* Orange dashed line- Liquidity range (ERL)
* Solid orange line- TP target
* Vertical orange line- Quarter change
* Orange box- Volume Imbalance
* Teal dashed line- EQ of IPS