The daily chart shows that after a strong rally, the current price is in a healthy correction and consolidation phase. From a macro perspective, the overall upward trend structure has not been broken, and the current pullback offers us an opportunity to re-enter at lower levels. The price is looking for support near the lower band of the Bollinger Bands, indicating that the downward momentum is weakening.
Our core entry trigger will rely on smaller time frames, particularly the 1-hour chart. We are waiting for the 1-hour RSI to break above the 50 midline. The emergence of this signal will indicate that the short-term market momentum has shifted from bearish to bullish, providing early confirmation for a price rebound. At the same time, the price needs to reclaim the key short-term Exponential Moving Average (EMA), which will further reinforce the bullish signal.
The logic for considering an entry now is that we are capturing a potential turning point or continuation of a trend. Daily level indicators (such as RSI and MACD) have pulled back from high levels, accumulating energy for a new round of upward movement, which means there is significant upside potential. Entering near the current support level offers a highly attractive risk-reward ratio, as the stop loss can be set below the recent consolidation range's low, while the first target above is to test the resistance area formed by the EMA.
Actionable Setup Now (LONG)
Entry: market at 866.77
TP1: 892.70
TP2: 934.40
TP3: 970.00
SL: 840.50
