Zooming in to the four-hour timeframe, the development of the initial minor wave 1 of (3) is underway, with the subwave iii of 1 already in place. Should this analysis hold, the instrument is expected to experience a local correction as wave iv of 1, followed by a resumption of bullish momentum targeting the $240.00–$270.00 region. The $206.41 level serves as a key stop-loss threshold for this scenario.
Trading Scenarios
- Main Scenario (BUY): Initiate long positions above $206.41, aiming for $240.00 and $270.00. Trade horizon: 7 days or longer.
- Alternative Scenario (SELL STOP): A confirmed break and close below $206.41 would open the way for a deeper decline toward $190.00–$165.00.
Parameters and Key Levels
| Timeframe | Weekly |
|---|---|
| Recommendation | BUY |
| Entry Point | $219.92 |
| Take Profit | $240.00, $270.00 |
| Stop Loss | $206.41 |
| Alternative Entry | SELL STOP $206.40 |
| Alt. Take Profit | $190.00, $165.00 |
| Alt. Stop Loss | $211.85 |
| Key Levels | $165.00, $190.00, $206.41, $240.00, $270.00 |